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.
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.
