Status quo, weekly closing level roughly the same than the previous week !
Still caught between the Kijun-Sen (Conversion Line) in support @ $ 102.39 and the Tenkan-Sen (Base Line) in resistance @ $ 110.94.
The $ 114.10 level, mentioned in my last analysis of June 26th, has not been broken, highest level reached intraweek being $ 114.05.
Last weekly closing @ 108.43 is above both the secondary weekly trend line support and the 21 days Moving Average ($106.54) which should be seen as a positive signal for the upcoming week.
The clouds worked quite well in rejecting two consecutive downside breakout attempts; Friday’s candle, a white one, with a closing level above the middle level of the previous one, should also be seen as an additional positive signal calling for higher levels in the upcoming daily trading sessions.
The Tenkan-Sen or Conversion line @ $ 107.79 has also been broken which gives an additional support for an upward trend continuation.
Please also take note that the last daily closing is above the ongoing downtrend line resistance.
In this daily time frame, the level of $ 112.61 (already mentioned in my last analysis of June 26) should still be seen as the first significant resistance level to break as it is the level of the Kijun-Sen or Base line, ahead of the level of $ 114.10 mentioned in the weekly time frame.
To the downside, watch the bottom of the daily clouds (@ $ 104.79) as the first significant support level .
A failure to stay and hold above this latter level would put the focus to the former low of $ 101.53 reached on June 22nd.
4 HOURS (H4)
Watch the clouds as a barometer.
1 HOUR (H1)
In short term recovery mode, facing the hourly clouds resistance area between $ 108.00 and $ 109.50.
Tenkan-Sen or Conversion line @ $ 108.11.
Below cluster of MA 21 ($107.13) et Kijun-Sen ($106.95) as next support area .
W1 : IN CONSOLIDATION PHASE PROGRESS
D1 : WATCH $ 104.79 AND $ 112.61
H4 : WATCH THE CLOUDS ($ 107.00-$110.30)
H1 : IN SHORT TERM RECOVERY MODE
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