Price has moved above the Yearly Pivot Point and the next
strong resistance level stands at the lower Kumo CLoud at
156.36. On the Weekly timeframe price has made a
nice Kumo CLoud breakout, which adds pressure to the upside.
We can also see a constructive MACD.
Downside risk is mainly a retest of the Yearly PP at 148.80
and below that the Weekly Cloud at 144.34. Note that this week
had a gap open and the gap would be closed by a retest of the
Yearly pivot point. With a bearish projected cloud it is likely
to see a bounce off the lower cloud at 156.36, so that would be
the natural target for longs on the weekly timeframe (and on
lower timeframes as well)
strong resistance level stands at the lower Kumo CLoud at
156.36. On the Weekly timeframe price has made a
nice Kumo CLoud breakout, which adds pressure to the upside.
We can also see a constructive MACD.
Downside risk is mainly a retest of the Yearly PP at 148.80
and below that the Weekly Cloud at 144.34. Note that this week
had a gap open and the gap would be closed by a retest of the
Yearly pivot point. With a bearish projected cloud it is likely
to see a bounce off the lower cloud at 156.36, so that would be
the natural target for longs on the weekly timeframe (and on
lower timeframes as well)