Momentum -View indications from New High
Keep in mind that Bullish Momentum for the current revival of the 2,582 swing low in December started. Now that a new record high has been reached, will the bullish signal of a new high be sufficient to keep Momentum or to increase it to higher price levels? Certainly, the first higher goals may not see the effort to be hit, but the impact of the outbreak may be stronger if the move started closer to the breakout level.
First higher goal is 2,823
Four initial higher goals are marked on the graph, but only one with supporting indicators that indicate a similar price. And it is the first target that in itself improves the chance that it will be achieved. The first goal is at 2,823. It includes the extended target of 127.2% for an increasing ABCD pattern and an extensive target of a long-term ABCD pattern that is started from October 2023.
Above the first target level are various other extensive goals, including 2,856, 2,874 and 2,889. Moreover, there is a measured movement that completes around 2,820 on a percentage basis. The initial measurement movement measurement starts from a swing layer of 1,160 reached in August 2018.
Short -term support at 2,757
On the other hand, a drop below the low point of 2,757 increases the chance of a pullback lower before higher prices. A small swing low at 2,731 is another important short -term level, because a drop below shows a probably deeper withdrawal. The most important trend support is around the 20-day MA, now at 2,709. Since the 20-day line was recently recently recovered in the beginning of January, it has not been tested as support. That fact increases the chance that the 20-day line will be tested as support if the short-term support levels are broken and lead to a withdrawal.
Look for a look in all the economic events of today Economic calendar.