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: Buying interest was seen last week off of the daily S/R flip level at 1277.36, if the buyers are intent on taking things higher this week, their first obvious area of trouble will likely be around the daily decision-point level at 1318.96. However, for the time being the buying pressure seems to be stalling around temporary daily resistance at 1289.21.
Since the market opened at 1287.10, an attempt to trade higher was seen. The buyers only managed to push prices up to as high as the 1289.80 level, where at which point the sellers regained control. Even though selling is presently being seen, we still believe higher prices will eventually happen.
Here is a quick reminder as to why we believe higher prices are likely:
Our pending buy order was filled on Friday at 1283.60 (located just above the 4hr range - 1273.07/1283.13), notice what happened after this, the wick/spike at 1291.21 (marked with a blue arrow) likely consumed any sellers around the minor 4hr supply area at 1290.51 which gives us even more confidence this buy trade will work out!
Since most of the sellers are already likely consumed around the high marked with a green flag at 1290.86, we can be pretty confident much higher prices are to come, since there appears to be only consumed supply/sell orders directly above the aforementioned high, and also newly formed swing high at 1296.38 (take note of the wicks marked with the blue arrows within the red circle indicating supply consumption), up to around 4hr supply at 1319.28-1314.48 which is where we’ll be ultimately targeting. However, just to be on the safe side, our first take-profit target is set at the high (1296.38) just mentioned, as there may still be some active sell orders sitting there.
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.
• The pending buy order (Green line) set just above the 4hr range area (1273.07-1283.13) at 1283.60 is now active, so do keep an eye on our first take-profit target set at the high 1296.38.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.
• 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 how price approaches) 1283.60 (Active) (SL: 1279.67 TP: 1296.38 1310.64). P.A.C: No P.A confirmation buy levels are seen in the current market environment.
• 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.