Sharp recovery seen yesterday-long white candle, (intraday high @ 43'337) with a daily closing @ 42'393.
So what next ?
Watch and monitor carefully ongoing price action and especially today's closing level ! Indeed, a failure to close above 41'705 (middle level of yesterday's long white bullish candle) would trigger a DARK CLOUD COVER (potential reversal pattern) which should be confirmed by by a breakout of the Kijun-Sen, @ 41'174.
The 38.2% Fibonacci retracement of the last 37'568-43'337 rally is @ 41'133
Tenkan-Sen @ 40'740 and MBB @ 40'115 (61.8 % Fib ret @ 39'771, middle of the daily clouds support area !)
RSI @ 55.03 and LAGGING LINE did not breakout the clouds resistance yet
On the upside, a daily closing above 42'500 would neutralise the ongoing still existing dowside risk and would open the door for yesterday's high ahead of the former downtrend line resistance (in red) currently around 44'635
GLOBAL PICTURE IS SHOWING A BROAD TRIANGLE PATTERN IN PROGRESS
As usual, watch at shorter time frames to get intermediate clues which will validate or invalidate implications above mentioned in the DAILY analysis.
IRONMAN8848 & Jean-Pierre Burki
So what next ?
Watch and monitor carefully ongoing price action and especially today's closing level ! Indeed, a failure to close above 41'705 (middle level of yesterday's long white bullish candle) would trigger a DARK CLOUD COVER (potential reversal pattern) which should be confirmed by by a breakout of the Kijun-Sen, @ 41'174.
The 38.2% Fibonacci retracement of the last 37'568-43'337 rally is @ 41'133
Tenkan-Sen @ 40'740 and MBB @ 40'115 (61.8 % Fib ret @ 39'771, middle of the daily clouds support area !)
RSI @ 55.03 and LAGGING LINE did not breakout the clouds resistance yet
On the upside, a daily closing above 42'500 would neutralise the ongoing still existing dowside risk and would open the door for yesterday's high ahead of the former downtrend line resistance (in red) currently around 44'635
GLOBAL PICTURE IS SHOWING A BROAD TRIANGLE PATTERN IN PROGRESS
As usual, watch at shorter time frames to get intermediate clues which will validate or invalidate implications above mentioned in the DAILY analysis.
IRONMAN8848 & Jean-Pierre Burki
