In our last Tactical mid-term analysis (24 Novembre 2022) we defined a price action range between 1070 and 1760 with a recovery expected within the range towards 1450 and 1760 as long 1070 remained Tactical support
We expect a further bullish extension toward 1760 extension (+13%) - We will observe the market and its capacity to print a daily close above 1760 to open a larger upside potential towards 2690 (+70%)
- The long-term trend analysis show potential towards 2690 (+70%) before 3290 (130%) as long as 880 Strategic support remains valid.
- The mid-term element as RSI is in positive area with upside potential (No divergence)
- The Moving average are crossing to the upside (bullish signal)
- Fibonacci key support is adjusted at 1180 as tactical support while the Elliot wave shows upside potential towards 2690 in case of 1760 upside breakout.
Trade Idea : Buy - Conviction : (Medium)
- Target to consider in case of 1760 breakout = 2170 (40%) // 2690 (+70%)
- Target 1: 1760 (13%)
- Buy: add in dip
- Stop: 1180 (-24%)