As mentioned in my previous post I've deployed most of my trading capital at these levels. I've kept some cash on the sideline in case we get a bigger pull back.
We continue to make higher lows creating an ascending channel. This structure has not been invalidated and continues to foster support from buyers.
To invalidate this structure, we would need to see a meaningful retreat towards 7700.
The the strength of buying at key levels indicates a tightening of supply, forcing traders to move up their buy orders. For a bullish scenario, the current price action is ideal as we head into Monday.
My outlook remains bullish unless we have a break down in structure.
We continue to make higher lows creating an ascending channel. This structure has not been invalidated and continues to foster support from buyers.
To invalidate this structure, we would need to see a meaningful retreat towards 7700.
The the strength of buying at key levels indicates a tightening of supply, forcing traders to move up their buy orders. For a bullish scenario, the current price action is ideal as we head into Monday.
My outlook remains bullish unless we have a break down in structure.