Technical Commentary: (Last $1194). Dips favoured before a rise. Yesterday’s rallies easily took prices to $1200, but lacked momentum thereafter. A day’s successful close above $1187 has bolstered our hopes of continued positive bias. However, as initial objective having matured fully yesterday straight away, favoured view for the day expects a dip or a consolidation near $1187 before the next leg of rallies evolve towards $1217/1220. Alternatively, a pull back that extends below $1187 would be disappointing, and we would retract into an iffy situation with a large propensity for more falls. All said, oscillators project more upsides than downsides from a 1 to 2 month scenario from here on.
Trading Strategies:
- Buy near $1187, TGT $1193-97
- Buy above $1205, TGT $1217/20
- Buy above $1220, TGT $1243/1265/1280
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