We’ve had a sustained move up in that last couple of days with no significant pull backs, so I guess the question is; do we have one round the corner? Looking at the 4HR TF you really don’t need indicators to tell you that we are overbought. Every move up is taking more and more effort, but why go against the trend?
The trend on the Weekly is bullish; we have a bullish continuation pattern (Highlighted on weekly chart), so my strategy for this week is simple, buy on pullbacks. I’m looking for a significant pullback to the 145.00 zone, however if 147.50 holds, I just might consider adding to my existing longs at that level. I would prefer a pullback to the 145.00 zone, which is previous daily support and also happens to be the 0.382 Fib of the last swing up.
To the downside I’m looking for support to hold at 147.50 initially, a break of that level could signal a move to 145.50, if that level does not hold then we probably go to 143.50.
On the upside looking at initial target at 151.50 and then 154.50.
Happy Pippin
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