On a weekly time frame, the last candle formed a bullish engulfing pattern and right at the H&S's neckline. It is premature to say that the H&S formed is already busted but the 200 SMA and trendline are still intact which suggests that we are still in uptrend. In addition, it has also pierced above 100.20 where it acts as a strong resistance level in several occasions.
On a daily time frame, the recent bullish momentum may come to a halt if the market cannot break above 100.56 which is the 50% fibonacci retracement. A break above it will potentially test the 100.96 level (61.8%). Another observation is that the 200SMA recently acted as a dynamic support where price rejects further down turn just right after last Monday's gap down.
On a daily time frame, the recent bullish momentum may come to a halt if the market cannot break above 100.56 which is the 50% fibonacci retracement. A break above it will potentially test the 100.96 level (61.8%). Another observation is that the 200SMA recently acted as a dynamic support where price rejects further down turn just right after last Monday's gap down.
