We are trading at oversold extremes.
can be seen on the daily (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted momentum, or at least a correction higher. 83.58 has been pivotal.
A break of 83.60 is needed to confirm follow through momentum.
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
Posted a formation.
Further upside is expected, however, due to the strong resistance above we prefer to buy a break of 83.70, which will confirm the sentiment.
Our profit targets will be 92.69 and 95.69
Resistance: 83.00 / 87.50 / 90.00
Support: 80.00 / 77.00 / 75.00
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