Selling pressure has begun to weaken out of weekly supply at 1391.97-1328.04 with two tails being seen indicating buying interest. Price is currently capped between the aforementioned weekly supply area and a nice-looking weekly decision-point level below at 1244.08.
The ignored decision-point level at 1292.52 has provided the buyers a beautiful place to rocket prices north. The next area of trouble seen for the buyers is around a daily decision-point level at 1318.96, any traders who are currently long definitely want to pay attention once we reach this level.
The ignored decision-point level at 1292.52 (seen clearer on the ) has proved to be a level worth watching. Price slammed hard into this level, no doubt stopping out lots of traders attempting to go long with their stops to close, and also trapping countless breakout traders in the process.
Price closed above the 4hr S/R flip level at 1304.77 late last Friday, if we see a break above the high marked with a circle at 1311.07, then there is very little stopping price from hitting the 4hr R/S flip level above at 1323.04. Our reasoning behind thinking this is because of price action to the left. The small is not there to depict a trend as such, it is more to show how pro money likely consumed the sellers as price was declining, thus very likely clearing the path north for the buyers in the future.
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above the ignored decision-point level at 1292.52 at 1293.77 is now active. Our first take-profit level was hit late Friday at 1304.77, so do keep an eye out for our second and final take-profit level set at 1323.04.
• P.A confirmation buy orders (Red line) are seen just above the S/D flip area (1284.77-1280.53) at 1285.71. We have set a P.A confirmation buy order here simply because we could not find a logical area for the stop-loss order, so to avoid any deep spikes; we have decided to wait for confirmation.
• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 1293.77 (Active) (SL: 1286.75 TP: 1304.77 1323.04). P.A.C: 1285.71 (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 seen in the current market environment. P.A.C: No P.A confirmation sell orders seen in the current market environment.