Feb18: The progress to the upside on Friday was significant. Friday’s action took price close to the important weekly resistance at 11383 (weekly low Oct08). A reversal and close below Friday’s low at 11012 is the first prerequisite for a reversal of the immediate uptrend.
Feb19: The close is mid-range and the volume was low. We can see a little spring above the previous Feb18 bar. While the uptrend seems to be tiring, there is no sign of ending action. The resistance area at 11383 is very important. Will this area attract profit taking by longs or could it be absorption?
Feb19: The close is mid-range and the volume was low. We can see a little spring above the previous Feb18 bar. While the uptrend seems to be tiring, there is no sign of ending action. The resistance area at 11383 is very important. Will this area attract profit taking by longs or could it be absorption?