Price still remains trading between the weekly supply area above at 1391.97-1328.04 and a nice-looking daily decision-point level below at 1244.08. Last week saw some buying pressure from around the weekly low at 1280.06 consequently pushing price back up to around the weekly supply area. Could this week see a push higher into this weekly supply area?
Last week on the , the buyers were predominantly in control, as prices were seen pushed up to a daily decision-point level at 1318.96 where the sellers have begun to show interest. With regards to price pushing higher into weekly supply (for details see above), the gives very little information as to whether this will be seen this week, as for the time being price action remains capped between a daily R/S flip level at 1292.52 and the aforementioned daily decision-point level, however once, or if, we get a positive close above here, this will likely confirm we will test deeper within weekly supply as price is relatively free to hit daily supply (which is located just within the weekly supply area) at 1344.91-1333.55.
Last week, a close above 4hr supply at 1312.07-1308.84 happened, and price then saw a rally higher up to a 4hr R/S flip level at 1323.04 where active sellers were clearly waiting, as they slammed price down to a 4hr S/R flip level at 1304.77, which is where price remains capped for the time being. If a positive close below the 4hr 1304.77 level is seen, this will likely clear the path south down to around the 4hr S/D flip area at 1284.77-1280.53, conversely a positive close above the 4hr 1323.04 level effectively clears the path north towards a weak-looking 4hr supply area at 1342.30-1335..74 which is located just within the aforementioned weekly supply area. So, with this in mind, and the question posed on the as to whether we will see a move higher up into weekly supply (levels above), the answer is we will likely see a move higher once/if price positively closes above the 4hr 1323.04 level.
So, how price action unfolds this week will be very interesting indeed!
Pending/P.A confirmation orders:
• 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.
• Pending buy orders (Green line) are seen just above the 4hr S/D flip area (1284.77-1280.53) at 1285.71. We have set a pending buy order here since the buyers have proved this to be an area of interest (they traded above the high marked with a green flag at 1297.20), so for the time being we are now awaiting a return back to this area where our pending buy order will likely be filled in the process.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• The pending sell order (Green line) set just below a 4hr supply area (1312.07-1308.84) at 1307.61 was stopped out for a little loss.
• No P.A confirmation sell orders (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) 1285.71 (SL: 1278.53 (TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders seen in the current market environment.
• 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.