Bulls are consolidating under new recovery high at 113.70 on Friday, as previous day’s rally generated bullish signal on close above pivots at 113.33/35 (30SMA / Fibo 61.8% of 114.03/112.23 bear-leg).
Bulls cracked next barrier at 113.61 (Fibo 76.4%) in extension but failed to close above on Thursday and consolidating around barrier in early Friday’s trading.
Overall near-term structure is bullish and favors further advance, which requires close above 113.61 Fibo barrier to expose targets at 114.03/20 (28 / 12 Nov highs).
Weakening momentum and overbought slow stochastic on daily chart suggest that bulls may take a breather before continuing.
Extended dips are expected to hold above broken 30SMA to keep bullish bias, while break and close below would weaken near-term structure and put bulls on hold.
Res: 113.70, 113.82, 114.03, 114.20
Sup: 113.42, 113.33, 113.20, 113.08
