04-Hour Chart
30-Minute Chart
(CLICK ON THE CHART TO ENLARGE IT)A symmetrical triangle got broken last Friday Dec. 07th favouring a strong bullish move for this week. Dailies favour the bullish trend: MACD above its signal line and pointing up almost above the 0(zero) reference line; RSI´s moving average worked well as support and RSI line is above its 50 reference line and pointing up and; last close is above all 5/24/62 EMA´s.
But the 30-minute chart favours a bearish correction before up trend resumes (see 30-minute chart for fibonacci projection and bearish divergences marked with white arrows). So points are:
BUY failure 163.60 (double-top Nov. 28th and 29th and 123,60 fibo projection up move 161.12 to 163.12). STOP 163.35 (Double-Top on Nov. 20th working as resistance). LIMIT 167.64 (below the projection of the triangle at 168.20. See 04-hour chart for red lines indicating this projection.
BUY failure 163.35 (Double-Top on Nov. 20th working as resistance). STOP 163.12 (top fibo up move 161.12 to 163.12). LIMIT 167.64
BUY failure 163.12 (top fibo up move 161.12 to 163.12). STOP 162.95 (38.20% fibo of major up move 155.25 to 167.73). LIMIT 167.64
WATCH OUT for break of following resistance lines to confirm this bullish trend:
# 164.21 - 61.80% fibo of big down move 167.64 to 158.62 that perfectly coincides with 150.00% fibo projection up move 161.12 to 163.12
# 164.47 - 161.80% fibo projection up move 161.12 to 163.12
# 164.76 - 23% fibo of major up move 155.12 to 167.73
# 165.40 - old resistance line
# 165.55 - 76,40% fibo of down move 167.64 to 158.62
# 165.95/166.05 price zone - old resistance lines
If I´m wrong SELL consistent break 163.00 STOP 163.15 LIMIT 161.50
