Bulls are pausing at 113.61 Fibo barrier; broken 30 SMA needs to hold dips and keep bulls in play
Bulls are consolidating under new recovery high at 113.70 on Friday, as previous day’s rally generated bullish signal on close above pivots at 113.33/35 (30SMA / Fibo 61.8% of 114.03/112.23 bear-leg).
Bulls cracked next barrier at 113.61 (Fibo 76.4%) in extension but failed to close above on Thursday and consolidating around barrier in early Friday’s trading.
Overall near-term structure is bullish and favors further advance, which requires close above 113.61 Fibo barrier to expose targets at 114.03/20 (28 / 12 Nov highs).
Weakening momentum and overbought slow stochastic on daily chart suggest that bulls may take a breather before continuing.
Extended dips are expected to hold above broken 30SMA to keep bullish bias, while break and close below would weaken near-term structure and put bulls on hold.
Res: 113.70; 113.82; 114.03; 114.20
Sup: 113.42; 113.33; 113.20; 113.08
