The break above the 8047 year high of February 2023 has posted a fresh all-time high at 8474
The break above the 8047 year high of February 2023 has posted a fresh all-time high at 8474.
Unwinding overbought weekly stochastics and a tick lower in the weekly Tension Indicator are adding weight to price action and prompting a steady pullback, with focus turning back to 8047 and congestion around 8000.
A close beneath here will put prices in broad congestion within 7200 - 8000 and open up a test of congestion around 7800.
However, broader sentiment of the top 20 constituents is mixed/negative, suggesting room for a further break beneath here, but improving monthly charts should prompt fresh buying interest towards 7500.
Following further (multi-week) consolidation, potential is for prices to turn higher once again.
A close above the 8474 contract high of 15 May will turn sentiment positive and extend multi-year gains beyond 8500 towards next significant resistance at 9000.