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Day By Day – Indipendent Research
In the shorter-term, the recovery movement, initiated by the triggering of a «double-bottom», is showing remarkable strength. The levels at $90.66 and $95.07 (previous peaks), as well as the 100-day moving average (a dynamic resistance), were actually overflowed in a straight line. These technical elements highlight the power of the movement and therefore argue for its extension in upcoming sessions. A consolidation up towards 95 would be welcome.
We are therefore short-term positive, and envision a rally towards the $103.80 resistance (strong resistance: a 62% retracement of the decline).
We set the invalidation threshold for of this positive scenario slightly below the support at $90.66.
|2 months Opinion||BULLISH|
|2 weeks Opinion||POSITIVE|
|Resistances||103,8 / 109 pts|
|Supports||95,07 / 90,66 pts|
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Source: ETFWorld – Day By Day – Indipendent Research