The weekly chart is of stagnant, and we are kind of used to that by now.
The question is, where do we go from here in such a quiet market. Looking at the cloud, we are far above it and this gap requires to be filled over time. The SMA strength Indicator is trying to break above the 9-MA period, and I feel this signals a sharp up move.
My preferred scenario is medium- to long-term SELL and since I expect higher levels I would add to existing shorts that we may have around 14.50-14.75 and add more 15.50-16.50 range. The log-term objective is still 10.50-9.00. So overal I would be positioned short.
The question is, where do we go from here in such a quiet market. Looking at the cloud, we are far above it and this gap requires to be filled over time. The SMA strength Indicator is trying to break above the 9-MA period, and I feel this signals a sharp up move.
My preferred scenario is medium- to long-term SELL and since I expect higher levels I would add to existing shorts that we may have around 14.50-14.75 and add more 15.50-16.50 range. The log-term objective is still 10.50-9.00. So overal I would be positioned short.