Price has opened and held above the Daily R1 at 8450.
A minor resistance at 8550 and above that the Daily R2
at 8900. A sharper move up will ran into the upper channel
and higher tf S/R level at 9500 which is more of a zone on
the Daily chart 9200-500. If price breach the trendline and
break above and hold with a close, price has entered the
Daily Cloud and further gains are likely, with a first target
by the Weekly R2 at 10800.
If price falls back current support on intraday is at 8150
and below that the untraded Weekly pp/Daily S1 and lower
Cloud at 7700.
Overall, price is advancing above the Cloud and with a close
above will produce a buy signal, which marks a trendshift
on this timeframe. Trendfollowers will enter on a close above
or wait for a retest of the breakout level (conservative approach)
Considering the strong resistance right above price now, the
latter might be wiser.
A minor resistance at 8550 and above that the Daily R2
at 8900. A sharper move up will ran into the upper channel
and higher tf S/R level at 9500 which is more of a zone on
the Daily chart 9200-500. If price breach the trendline and
break above and hold with a close, price has entered the
Daily Cloud and further gains are likely, with a first target
by the Weekly R2 at 10800.
If price falls back current support on intraday is at 8150
and below that the untraded Weekly pp/Daily S1 and lower
Cloud at 7700.
Overall, price is advancing above the Cloud and with a close
above will produce a buy signal, which marks a trendshift
on this timeframe. Trendfollowers will enter on a close above
or wait for a retest of the breakout level (conservative approach)
Considering the strong resistance right above price now, the
latter might be wiser.
