- Oversold stochastics were coiled and the upside is now compelling with the latest price action popping from the sold support of the 38.2% Fibo.
- A hold above the taking 20-D EMA exposes the 50-D EMA at 1292 and the spike will have shaken out some speculative shorts allowing bulls to focus on a target of 1303 (23.6% Fibo) with a look in at the trendline resistance.
- On the flipside, on a resumption of the downside, a close below the 38.2% Fibo and 1275 would open prospects back for the 200-D EMA and confluence area of the 50% retracement target of 1250/1253 respectively.
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