Price is trading above the daily pivot point just below a longer
term trendline. The H4 MACD indicator is bearish but it is not
reflected in price action (bullish pressure) and we might see
more consolidation before a bullish MACD cross and an attack
at the trendline. Also, the Weekly pp is untraded and a drop
and test of it at 900 is also in the cards before a breakout
attempt. A close above the Weekly R1 with a strong candle
at 995 will produce a clean break and will expose the Weekly
R2 at 1075 & Monthly pp at 1085 perhaps after a retest of
the breakout level. A failure to break the trendline may cause
a sell off and test of the Cloud.
Overall, price has gradually appreciated after the sharper drop
in feb and currently trend is bullish on the H4 timeframe and
neutral on the daily tf. It looks like we will see a breakout
attempt, perhaps after a MACD cross. If it holds, this may
accelerate upward momentum and if it fails, we might see
a deeper correction.
term trendline. The H4 MACD indicator is bearish but it is not
reflected in price action (bullish pressure) and we might see
more consolidation before a bullish MACD cross and an attack
at the trendline. Also, the Weekly pp is untraded and a drop
and test of it at 900 is also in the cards before a breakout
attempt. A close above the Weekly R1 with a strong candle
at 995 will produce a clean break and will expose the Weekly
R2 at 1075 & Monthly pp at 1085 perhaps after a retest of
the breakout level. A failure to break the trendline may cause
a sell off and test of the Cloud.
Overall, price has gradually appreciated after the sharper drop
in feb and currently trend is bullish on the H4 timeframe and
neutral on the daily tf. It looks like we will see a breakout
attempt, perhaps after a MACD cross. If it holds, this may
accelerate upward momentum and if it fails, we might see
a deeper correction.
