The higher-timeframe picture resembles the following:
• Weekly TF: Price still remains trading between the weekly supply area above at 1391.97-1328.04 and a nice-looking weekly decision-point level below at 1244.04 with no attempt of a breakout yet to be seen.
• Daily TF: Serious buying interest from the daily S/R flip level at 1277.36 has recently been seen. If the buyers are intent on taking things higher, their first obvious area of trouble will likely be around the daily decision-point level at 1318.96.
A strong full-bodied breakout above the temporary 4hr range (1273.07-1283.13) has just happened. Where can price go from here though? Buying interest is being seen off of a daily S/R flip level (levels above) so selling right now is not for us.
If buyers are intent on taking prices higher, there appears to be only consumed supply/sell orders – take note of the wicks (marked with the blue arrows), up until around the 4hr supply area at 1319.28-1314.48. However for pro money to push prices up that far they will very likely need liquidity in the form of sell orders to buy into, so a drop back down to the range support (marked with a green arrow at 1283.13) will no doubt entice sell orders into the market from the momentum, which pro money buyers will happily gobble up! As we are not sure of this area, a P.A confirmation buy level is set just above at 1283.60, as we would like pro money buyers to confirm they are interested in taking things higher here!
Pending/P.A confirmation levels:
• Pending buy orders (Green line) are seen just above 4hr demand (1258.40-1264.53) at 1266.09. The reason a pending buy order has been set here, is because this area in our opinion remains the overall origin of a big rally to the upside, likely meaning there are a lot of unfilled buy orders siting in and around this area.
• New P.A confirmation buy levels (Red line) are seen just above the temporary range support (1273.07-1283.13) at 1283.60. The reason we have not set a pending buy order here is because there is nothing really stopping price from dropping deeper into the aforementioned 4hr range, hence the need for confirmation on this one.
• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 1266.09 (SL: 1256.40 TP: Dependent on price approach) P.A.C: 1283.60 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.