Looking to follow the current momentum in this asset class by buying with a target of at least $2200 (short term), $2400 by year end. The 100 DMA has acted as support in the bull run lasting from 2013-2015 however was interrupted with market scares during 2015-2016 (China Yuan devaluation, China slowdown, Oil price shock, prospective US rate rises, Brexit, EU-Greece debacle). As these issues are now behind us and with market confidence returning, fundamentally the picture is strong.
A sustained move below the 100 DMA would keep me out the trade, as this would signal sideways action.
However be mindful of the current level of support at $2125 which if broken (close below this level) would likely bring on further weakness with a test back down to $2010.
A sustained move below the 100 DMA would keep me out the trade, as this would signal sideways action.
However be mindful of the current level of support at $2125 which if broken (close below this level) would likely bring on further weakness with a test back down to $2010.