This week saw the 152.50 psychological level come into play and prices pulled back to find support at a Fibonacci level plotting around 150.87. This can keep the door open for short-term bullish momentum strategies, but for those with a longer-term basis, taking a step back given those extreme overbought readings may be prudent until matters settle a bit. As such, the forecast for next week will be set to neutral as we may be at an important pivot in the trend given the upcoming quarter-end after a very strong start to 2021 trade.
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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.