Technical
Weekly: The market has formed a bullish reverse head & shoulders formation. Measured move target is 69.32. We have a 78.6% Fibonacci retracement at 69.48. This area provides an ideal target for the continued move higher after 5 consecutive positive weeks.
1-Hour: With momentum stalling with the posting of new highs (64.74), there is potential for a pull-back lower into trend support. The previous Fibonacci resistance at 63.68, trendline support and Ichimoku cloud should provide fresh buying impetus and provide a better risk/reward entry level for this trade idea.
We look to buy at 63.00
Stop: 61.50
Targets: 67.50 & 69.00
