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Technical

Monthly: Potential reverse head & shoulders as prices trade within the monthly ichimoku cloud. A clear break of $1370 is required to confirm the formation. $1300 key support has been breached although losses have been limited.

Weekly:  A possible medium term AB=CD formation has a measured move target of $1450. 2017/18 trend support has been re-tested and has held so far with the low limited to $1282. Weekly Ichimoku cloud provides additional support along with the 61.8% Fibonacci retracement.

Daily: The $1300 level remains very much in focus. Dips continue to attract buyers and the 61.8% Fibonacci retracement level has held firm. A short-term downward trending resistance has broken with sideways price action. Looks to be forming a bottom.

 

Action: We look to Buy at current levels and on a dip to $1285

Stop: A break below $1265

Targets: $1340 & $1365

 

 

 

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