Daily momentum is bullish but Weekly momentum is overbought. Profit potential on the upside is minimal and thus long trades would not be advised.
For those who are currently in the market, the rally should at least tag the 148.62-148.85 price cluster where stop losses should be tightened and trailed for part of the long position. There are two more price targets...
Daily momentum is bearish oversold and weekly momentum is still bearish. Not advisable to enter the market at the moment.
However, for those who are already in the market, Market is currently making the 5th section of an impulse wave. Price has crossed the 127% external retracement level of wave 4 and this means you can start taking profit on half of the short...
Market has completed a 5-wave trend (Impulse wave) that started on 29 January 2021. The 24 February high at 32009.6 has reached the price cluster consisting of the 38% Multi-section alternate price projection, 62% alternate price projection of wave 1, and the 127% to 162% external retracement of wave 4. This bullish bar is also one bar way from the 25 February...