The price has formed a small bull flag consolidation after break
The price has formed a small bull flag consolidation after breaking above key resistance at $67.00
Trading above all short-term moving averages (orange/red lines)
Showing higher lows and higher highs, suggesting bullish momentum
Key supports are holding with multiple tests
Risk Management for Weekend:
Since we're heading into the weekend, it's crucial to manage risk properly:
Consider taking partial profits at the first target ($68.71)
Trail your stop loss to breakeven after reaching the first target
If already up substantially by late session, consider closing the position to avoid weekend gap risk
Alternative Plan:
If the price rejects at current levels and falls below $67.00:
Abandon the long thesis
Look for potential short entry below $66.80
Target $66.46 support
The most likely scenario based on current price action is a continued move toward the $68.71-$68.73 resistance zone before the weekend. The break above the descending trendline and the recent higher lows pattern suggest the momentum remains to the upside, making a long position the highest probability trade for today.
Trading above all short-term moving averages (orange/red lines)
Showing higher lows and higher highs, suggesting bullish momentum
Key supports are holding with multiple tests
Risk Management for Weekend:
Since we're heading into the weekend, it's crucial to manage risk properly:
Consider taking partial profits at the first target ($68.71)
Trail your stop loss to breakeven after reaching the first target
If already up substantially by late session, consider closing the position to avoid weekend gap risk
Alternative Plan:
If the price rejects at current levels and falls below $67.00:
Abandon the long thesis
Look for potential short entry below $66.80
Target $66.46 support
The most likely scenario based on current price action is a continued move toward the $68.71-$68.73 resistance zone before the weekend. The break above the descending trendline and the recent higher lows pattern suggest the momentum remains to the upside, making a long position the highest probability trade for today.
Trade active
Bearish scenario (more probable given the trend): Consider short positions if price rejects from the $67.41 resistance with a target at $66.46, and potentially $65.27 if momentum increases. Place stops above the $67.90 level.Bullish scenario: If price breaks and holds above $67.41, look for a potential move toward $67.90-$68.00. However, this would be a counter-trend move and may face significant resistance at the upper channel line.
Trade closed: target reached
Primary scenario: Price will likely continue testing the $68.24 resistance level. A successful break above would target the $69.36 level next, with potential to challenge the significant $70.34 zone if momentum builds. The recent higher lows structure supports this bullish case.Alternative scenario: Rejection at current resistance could send price back toward support at $67.43, with deeper support at $66.00 if selling accelerates. The descending channel's lower boundary would be the target if bearish pressure intensifies.
Key factors to watch include trading volume, which appears moderate, and whether price can establish a daily close above the dotted resistance line at $68.24.
The overall technical picture suggests a market in transition, with bulls attempting to reverse the previous downtrend but still facing significant overhead resistance.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.