Daily Timeframe: The buyers and sellers are presently seen battling for position around a daily Quasimodo coming in at 1221.1. For anyone considering shorting here, do remain vigilant to the possibility that price may fakeout north here towards a daily supply area seen just above at 1238.1-1227.7 (located within the aforementioned weekly supply area).
4hr Timeframe: The 4hr timeframe shows that price has finally broken out of the ranging band seen between 1211.3/1172/8, and has, as expected seen a prompt retest before continuing north (which we unfortunately missed)!
The 4hr timeframe also shows that entering short around the daily Quasimodo (see above) may not be such a good idea considering that we see very little active supply between 1212.1 and the 4hr supply area above at 1244.5-1240.1 (located deep within the aforementioned weekly supply area).
With the above in mind, we are going to attempt to enter long (if price retraces of course) using lower-timeframe confirmation around the 1213.5 mark, just above a recently-formed 4hr decision-point demand area at 1205.3-1213.2. If we manage to find an entry long here, we are going to be ambitious and attempt to target 1238.85, just below the aforementioned 4hr supply area (as per the blue arrows).
Current buy/sell levels:
• Buy orders: 1213.5 (Predicative stop-loss orders seen at: 1204.1).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).