As we said in our last update, more upside was likely with the next resistance being at 42k
On the weekend we consolidated below 42k, forming a channel, then broke out and we are now moving up very strongly.
I would say the target for this move is the 47-48k region. This region is extremely important in my opinion and you have to monitor PA should we get there.
Also, I would definitely look at it as a big region, even up to 51k.
Context when we get there is going to be crucial of course, if we keep on seeing what we are seeing now (people shorting every rise) then it is possible that it won't offer much resistance (just like this weekly at 43k that we just broke).
On the flip side if people start longing like crazy, then it will be a good short opportunity.
Any questions?
Good luck traders
Remember not to break your rules
Habib
On the weekend we consolidated below 42k, forming a channel, then broke out and we are now moving up very strongly.
I would say the target for this move is the 47-48k region. This region is extremely important in my opinion and you have to monitor PA should we get there.
Also, I would definitely look at it as a big region, even up to 51k.
Context when we get there is going to be crucial of course, if we keep on seeing what we are seeing now (people shorting every rise) then it is possible that it won't offer much resistance (just like this weekly at 43k that we just broke).
On the flip side if people start longing like crazy, then it will be a good short opportunity.
Any questions?
Good luck traders
Remember not to break your rules
Habib
