Bears lost the battle at 1260. So, Bears will dump all the short position to cover or dollar cost average.
1. The long term resistance is 1360. Bears will defend it, because the Bulls tried to break the 1360 3 times previous. Last year, the Bull lost the defense in 1360 because it is a Bearish Channel. The Bulls sold exactly around 1360 level.
2. Last chance for bear to dollar cost average out at 1360 price level.
3. Expect the Bulls to buy for any reason until 1360.
4. We have been trading the tight trading range for 1 week. When Tight trading range break out, it is a massive move up. Every Bear sell provides Bulls opportunity to buy for any reason
5. Any resistance now to 1360 is a 2 leg up bull correction, providing the late bulls to buy.