Key barriers in focus but consolidation likely to precede attack
Strong bullish acceleration extends into fifth straight day and cracks 200DMA (137.05), with key barriers at 137.77 (May 2 top) and 137.90 (Mar 8) in focus.
Daily studies in full bullish setup support the action, along with last Thursday’s strong downside rejection at the trendline support / 55DMA (which left a bear-trap) and subsequent rally on Friday (up 1%, the biggest daily gain since Apr 28).
Violation of 134.77/90 pivot would generate strong bullish signal for continuation of larger recovery rally from 127.22 (2023 low of Jan 16) and expose targets at 139.58 (50% retracement of 151.94/127.22) and 140.00 (psychological).
However, overbought conditions warn of headwinds which could keep the action on hold for consolidation / limited correction.
Extended dips should find ground above rising 10DMA (135.34) to keep bulls in play for fresh push higher.
Res: 137.54; 137.77; 137.90; 138.17
Sup: 136.30; 135.93; 135.34; 134.89