Analysis
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The weekly chart (chart1) shows a supportive
MACD, with no divergences and higher highs confirming the move in price
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Breadth (red line) is very positive , posting
new highs in line with price. Volume is supportive as well (bottom panel,
chart2)
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The monthly chart (chart3) shows a bullish
breakout of the macd above its long term resistance. We have seen similar moves
in other market at the beginning of the year (S&P, FTSE etc) and as you
know this is a signal which I rely quite a bit on because it has a great track
record. As you can see from the monthly chart the 2 channels cross
around 3500-3700 and as of today this is the only target I could find. Price
action will give us more hints going forward
Chart1
