February 17, 2017
Verdict – As expected we have entered into a small corrective phase after the 2 doji stars with overbought momentum.
Technical resistance is at US$ 56.09 as this is the weekly pivot level. Below this the balance of the market leans to the bear side. However, we are currently holding above the weekly S1 (US$ 55.05) on the top of the Ichmuko cloud (Kumo), whilst in the 40 period MA bands. This all points to technical support within the market, and would suggest that the next short term move should be to the upside.