Please see our 1H chart with updated levels and targets.
Price has broken out of the descending channel and found support on the channel top for the break out. We are now seeing price range sideways, right in the middle of both support and resistance structure. All MA's are also converging together gearing up for a breakout. The retracement structure has been holding well as support providing a nice bounce up every time, working inline with our plans to buy dips.
We remain Bullish with our next Bullish target at 1966. We will need to see EMA5 cross and lock above 1966 to open the upper bullish levels to complete the previous gap at 1979. We expect a volatile week ahead with lots of high volatility news and events during the week. The retracement range is measured accordingly to support any swings. Unless we see EMA5 lock below the retracement range this structure should hold well. A break below the retracement range and we are likely to see the swing range open up.
We will manage the range and swings accordingly using our EMA5 cross and lock to navigate level to level.
We will continue with our plans to buy dips and track the movement level to level.
Our long term projection still remains Bullish.
BULLISH TARGETS 1966
EMA5 CROSS AND LOCK ABOVE 1966 WILL OPEN 1979
BEARISH TARGETS 1957 1947 1937
EMA5 CROSS AND LOCK BELOW 1937 WILL OPEN THE SWING RANGE
SWING RANGE 1918 - 1904
As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it!