Not a hugely exciting week, but the overall trend is still more bullish than bearish. For me, the line in the sand is at around 1233.8 with a last backstop at around 1228. Above I'm looking for long entries mostly.
Possible entry levels I watch are 1233.8, 1241.5, and 1248. Having said that, a strong rejection at 1248-1250 would also make me consider a quick short stab if bear price action picks up around that zone.
A break of the "line in the sand" make a retest of 1200 likely...a level which is also the last unbroken point of control.
A strong break of 1248-1250 confirms the prevailing up trend.
Cliffnotes: Considering shorts at previous highs around 1248-1250 should bear momentum pick up there. Long entries at 1233.8, 1241.5 and if there is very strong bull momentum also 1248. Short at around 1233.8 if there's a clean break to the downside. Maybe best to wait for a retest & failure of 1233.8 from below should it break through south.
Tend to agree. I initially thought max low would be towards the 61.8% fib at 1237.35 but after Friday's close think it may break through that and head toward the 50% fib at 1229.18. I've just realised I'm quoting spot price and you're charting futures but the principle is the same. I favour your 1233.8 target for another long on futures. Enjoying your charts, thank you.