Now we have a little more time, we can dwell on things a bit.
Price rose into the late session and – subsequent to the uptick – took a bit of a hit on some consolidation type action. Early morning, however, things broke out once again and the action that we saw told us that the decline may very well be over and that the correction that took place over the last couple of weeks should have come to an end.
That’s the hope, at least.
We can’t guarantee this since much of the action we are seeing right now is rooted in fundamental developments and anything can happen on that side of the equation. We can say that – from a purely technical perspective – however, we expect things to remain pretty solid between now and the close of the week. If we get some upside momentum, great. If not, no big deal.
So let’s get some levels in place for the session this evening. As ever, take a quick look at the chart below before we get started so as to get an idea what’s on and where things stand. It’s a one-minute candlestick chart and it’s got our key range overlaid in red.
As the chart shows, the range we are using for the session this evening comes in as defined by support to the downside at 4628 and resistance to the upside at 4674. If we get a close above resistance, we’ll jump in long towards 4710. Conversely, a close below support will signal a short entry towards 4600.
Charts courtesy of Trading View
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