D1 : The psychological level of 50'000 has nearly been reached early this morning (high so far 49938)
While the strategic outlook remains BULLISH, we are currently facing some tough resistances levels
to breakout.
Indeed :
1) strategic uptrend line resistance
2) potential double top (49715 and 49738)
3) psychological resistance level of 50'000
In addition technical indicators are showing some uncertainty and indecision
Therefore, even if I remains positive for further upside (first target being 52235 which the H4 triangle ascending
pattern target, I would remain, on tactical approach, cautious and rather wait for a consolidate and healthy correction
before increase an existing long exposure.
H4 : Even if the triangle breakout is not perfect (too close of the apex !), it, nevertheless worked in showing a long white bullish candle.
BUT,on this time frame, the spectrum of a double top pattern is again on the cards.
Watch the tactical uptrend support line (@48725) as the first indicator of a potential tactical reversal.
Below the main support area to watch is the cluster of MBB, TS and KS.
A breakout of 47900 would invalidate the former tactical bullish price action
Watch development on shorter times frames (H1,M15 and M5)
Have a nice trading day.
Best
Ironman8848
While the strategic outlook remains BULLISH, we are currently facing some tough resistances levels
to breakout.
Indeed :
1) strategic uptrend line resistance
2) potential double top (49715 and 49738)
3) psychological resistance level of 50'000
In addition technical indicators are showing some uncertainty and indecision
Therefore, even if I remains positive for further upside (first target being 52235 which the H4 triangle ascending
pattern target, I would remain, on tactical approach, cautious and rather wait for a consolidate and healthy correction
before increase an existing long exposure.
H4 : Even if the triangle breakout is not perfect (too close of the apex !), it, nevertheless worked in showing a long white bullish candle.
BUT,on this time frame, the spectrum of a double top pattern is again on the cards.
Watch the tactical uptrend support line (@48725) as the first indicator of a potential tactical reversal.
Below the main support area to watch is the cluster of MBB, TS and KS.
A breakout of 47900 would invalidate the former tactical bullish price action
Watch development on shorter times frames (H1,M15 and M5)
Have a nice trading day.
Best
Ironman8848
