• Weekly timeframe: Selling pressure has begun to weaken out of weekly supply at 1391.97-1328.04 with two relatively long 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.
• Daily timeframe: Current trading action is seen between the ignored daily decision-point level at 1292.52 and a daily decision-point level above at 1318.96. A break above would likely force price to test a nice-looking daily supply area at 1344.91-1333.55, conversely, a break below would likely see price testing a long-term daily S/R flip level at 1277.36.
The market opened at 1307.37, price spiked through the 4hr S/R flip level at 1304.77 down to a minor 4hr S/R flip level at 1301.16 which clearly gave extra support here during that time.
However, price has now closed below the 4hr S/R flip level at 1304.77; we are now going to be watching the 4hr minor S/R flip level just below at 1301.16 for a reaction since this level could very well push prices above the high marked with a circle at 1311.07 which is exactly what we want to see. As mentioned in the last analysis: 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.