Bulls have the floor with strong upward momentum on the 1 day chart trending well above the 20 and 50 EMA, both of which have not only levelled but are trending upwards.
The biggest obstacle now is the 12k prior resistance levels. If we manage to break these with ease, I would expect a move up to the 13.k level after some profit taking.
Failure to break the 12k line will give the bears a fresh hope of a major retrace and a retreat to 11.2 or even the previous stalwart 10.8 mark.
The biggest obstacle now is the 12k prior resistance levels. If we manage to break these with ease, I would expect a move up to the 13.k level after some profit taking.
Failure to break the 12k line will give the bears a fresh hope of a major retrace and a retreat to 11.2 or even the previous stalwart 10.8 mark.