Last week price closed just below our 147.5 level but Sunday open we saw a gap up and the price push back and close above 147.5, Is this our new Daily HL? We can see if we look left that price has failed to break above this level for multiple months, we have now seen price make a clean break and now we are testing this area as support. As long as we can stay above 147.5 I believe we will be seeing a new high formed.
This will be my first trade that I will attempt to hold for a longer period of time. From my Analysis below you can see that price has completed D1 fib target and I now believe we will head to complete D2 which also aligns nicely with our key level 155. We have tested our 8EMA on the weekly time frame and are using it as a dynamic area of support supporting our long confluence.
I will have 3 targets with this trade first target will be our monthly level 150 next being 152.5 and then finally our 155 d2 level