In my last post I stated I saw upside till at least 2900 levels. Now we are there, I can continue makingnew assumptions.
Since we are in a clear bull trend this month, RSI is still not overbought and the market has shown very little sign of weakness, I am bullish.
We went from my previous post's level of 2760 to 2900, and I expect we will make new highs soon since we broke previous high and are now at a new local high of 2915.
If market is in doubt, we will hover around 2900. When weak, we could retrace to some levels indicated in the chart. With my bullish sentiment, I think we will move up after retracement to the 200 MA/EMA levels of around 2950-3000. Of course, we will find resistance here, but at the moment I do not see why we could not reach the high's of early March around 3100.
Very likely to see retracement here and there, but 3 bullish bars in a row, combined with a new high, and still room till moving averages and previous high's, I think this will ramble on.
If FED comes with very positive news or statements today, I think we will not hover too long and start heading towards 3000 in the next days.
New information might change my view, but at the moment definitely bullish with possible paths drawn. Note that I do not specifically expect every retracement line to head to the higher level indicated. It's just some levels of low's and some levels of high's.
Since we are in a clear bull trend this month, RSI is still not overbought and the market has shown very little sign of weakness, I am bullish.
We went from my previous post's level of 2760 to 2900, and I expect we will make new highs soon since we broke previous high and are now at a new local high of 2915.
If market is in doubt, we will hover around 2900. When weak, we could retrace to some levels indicated in the chart. With my bullish sentiment, I think we will move up after retracement to the 200 MA/EMA levels of around 2950-3000. Of course, we will find resistance here, but at the moment I do not see why we could not reach the high's of early March around 3100.
Very likely to see retracement here and there, but 3 bullish bars in a row, combined with a new high, and still room till moving averages and previous high's, I think this will ramble on.
If FED comes with very positive news or statements today, I think we will not hover too long and start heading towards 3000 in the next days.
New information might change my view, but at the moment definitely bullish with possible paths drawn. Note that I do not specifically expect every retracement line to head to the higher level indicated. It's just some levels of low's and some levels of high's.