Bull: trend structure
The price follows the trend structure shared in our June update. We would prefer to see further development on the right side and local consolidation within the 7.70-6.20 area over the coming weeks.
A subsequent break above 8 would open the door towards 10+.
table:
Our note at WeBull on June 15:
“A very constructive recovery from the June 10 low, which reached a medium-term support area and allowed a higher low to form.
The V-shaped nature of the recovery looks vulnerable to further consolidation on the right side, especially if it reaches the 7.40-7.70 resistance levels this week. Seeing this consolidation on the right side would greatly improve the stability of the structure that is forming – which is better than continued and uninterrupted upward momentum from here.”
table:
