You could very well observe from last 3 weeks, the appearances of candles with big real bodies and spiking well above SMAs.
The upswings to prolong upto 82.786 on break-out above 77.887 with crossover (7DMA crosses over 21DMA).
While both leading & lagging indicator to substantiate this stance.
The current upswings have taken above EMAs as well on monthly plotting, sustenance above would take the rallies to 83.321 levels, otherwise, the failure swings to bring in an equal chance for bears.
converges to the ongoing upswing as this leading oscillator trending higher even above 70 levels.
Buying momentum in short term rallies and medium term consolidation phase is also signaled by the oscillator.
on both weekly and monthly signals to prolong ahead.
Most importantly, the massive volumes on consolidation phase are in conformity to the uptrend that we are seeing from last two-three months.
Hence, we recommend buying rallies and decide to initiate longs in contracts with near month tenor which are highly leveraged products for targets upto 82.786 or even upto 83.375 is possible, maintain strict stop loss at 79.300 levels, thereby, the trade could achieve attractive risk reward ratio.