Price has come down to test the lower Cloud support during Asia session
and is currently recovering some of those losses. There is a Cloud twist
forming that indicates upside bias. A head & shoulders pattern is carved
out with the shoulder level around 740 and neckline around 600, an
untriggered pattern to keep in mind.
Bulls are looking for a close above the 740 level and a breaching and
close above the Cloud. A close below the Cloud and we may see a drop and attempt
to trigger the H&S pattern.
As long as the lower Cloud holds support the bias is to the upside, since we saw
the Weekly Pivot Point hold support and price is trading above the ascending SMA200.
From an Ichimoku perspective, as price is trading inside the Cloud, trend is neutral
on this timeframe. Note that price has closed above the Kijun Sen (White equilibrium
line). Another close above it (current candle) then traders could utilize the established
low at 647.50 as a stop level, aiming for the recent high at 756.50 and the upper Cloud.
and is currently recovering some of those losses. There is a Cloud twist
forming that indicates upside bias. A head & shoulders pattern is carved
out with the shoulder level around 740 and neckline around 600, an
untriggered pattern to keep in mind.
Bulls are looking for a close above the 740 level and a breaching and
close above the Cloud. A close below the Cloud and we may see a drop and attempt
to trigger the H&S pattern.
As long as the lower Cloud holds support the bias is to the upside, since we saw
the Weekly Pivot Point hold support and price is trading above the ascending SMA200.
From an Ichimoku perspective, as price is trading inside the Cloud, trend is neutral
on this timeframe. Note that price has closed above the Kijun Sen (White equilibrium
line). Another close above it (current candle) then traders could utilize the established
low at 647.50 as a stop level, aiming for the recent high at 756.50 and the upper Cloud.