Last post called for a target of 1210, although i have to admit, i didn't believe it myself! Last session prices hit a very overbought 1210. Here's the hourly and 5-min charts with trendlines:
The 5-min chart above neatly illustrates the title of this post - strength! Surprising, because we're so overbought on every time frame. Notice how after a week of dragging its feet, the slope of the trend suddenly steepened upwards.
Supports
Expect some sideways consolidation here, possibly followed by another high. Supports are at the rising trendlines, and the following levels: 1200, 1192, 1176. More importantly, although very close to a medium-term top (sentiment readings support this), short-term trend is still up. Other than day-trades, not the place to go aggressively long or short, yet.
All the best!
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