Congrats to those who managed to lock in some long positions on the move above 8.50 last week….. J
Pushing higher as per yesterday’s call, away from the new resistance turned support at 8.50 now. For those who has accumulated yesterday, would also be good to take some profit by scaling sell near the 9.00 mark, probably above 8.85. Raise stop loss to protect profit nevertheless. J We may see a new higher consolidation phase from 8.50 to 9.00 before more direction again and maybe a further breakout.
Following up from previous call last Monday, we have indeed seen a move above the 8.50 key resistance. We are also seeing the 20 day MA line cross above the 200 day MA line which can potentially lead to a reversal. Target raised to 9.00 now then 9.50. With 8.50 holding as the new support now, short term uptrend intact. MACD still pulling upwards firmly confirming price action moves.