05 June Wednesday View

Price momentarily broke this ascending trend-line yesterday, but Bullish sentiment seems to be very strong that it has fought its way back into it again. 33700 (USD 1397.66) level provided good support yesterday and denied a low of 33490 (USD 1388.95) in one instance. In H1 chart (05Jun_H1) the 150 SMA and 33700 level has coincided making it extra strong support level. The price is expected to resume further up once it gets above trendline from 20 May which would be, from this point of view, around 34100 (USD 1414.25). But, would really move further up if it even breaks another important level 34326 (USD 1423.62), the 38.2 % retracement level + the outlook changer level, not that far from 34100.

On downside, as discussed, 33700 level should provide good support, if not we should have 33387 at play. Let's see.

Trade Happy, Trade Safe. :)