The $457 level has been a well-established level of support in recent weeks and months; the price was bounced off this zone 4 or 5 times already. Earlier today, we experienced yet another bounce which seems likely to carry price up to $468 before it sees any significant resistance. This bounce also marks the formation of a double bottom signaling the end of the prior downtrend and that start of a new uptrend (at least for the short term). I would look to enter on the break of the $458 resistance we are currently facing. I would take profits at the $468 level. Keep in mind that FOMC is fast approaching; since this promises to be a volatile period (especially this year), I would want to close positions before the committee convenes. Place stops at $457; If price breaks below you could switch to a net short position.
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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.