29K resistance comes in play

27 Mar 2023

Morning folks,

So, market still stands in the same place where we've left it last time, LOL. Deeper downside pullback to ~25.5K area that we have discussed has not happened and market is coiling above nearest 3/8 support area. This could be treated as short-term bullish sign. Besides, last session we've got bullish grabber on daily chart. Here we also see signs of bullish dynamic pressure, where MACD is down, while price action is not.

Put it together, we suggest minor upside continuation, somewhere to 29.2-29.3K area, because upside H&S target has to be done. Once this will happen - the strong weekly/monthly resistance of 28-29K will come in play. So, currently we do not consider taking any long term bullish positions. Only short-term, with mentioned target.