TLDR plan - go long off a bounce at previous support around 161 to test previous highs of 169.3 and then perhaps a runner up if a break of pysch level 170 to test the top 172.2.
GJ continues to be ranging between 164 and 158 or lower bound 156. After the recent rejection of 166 we feel that there could be a convincing push up from a bounce of 161 following last week's low of 158.6 for a sustained move upwards.
A good RR trade is a bounce off of previous resistance 161 and a retest break of 164 will be confirmation that this has legs and will go higher to break previous tops of 169-170.
Obviously a break below 158 and the range could break downwards hence invalidate below this point however we feel the likely scenario is up trend.
Happy trading!
GJ continues to be ranging between 164 and 158 or lower bound 156. After the recent rejection of 166 we feel that there could be a convincing push up from a bounce of 161 following last week's low of 158.6 for a sustained move upwards.
A good RR trade is a bounce off of previous resistance 161 and a retest break of 164 will be confirmation that this has legs and will go higher to break previous tops of 169-170.
Obviously a break below 158 and the range could break downwards hence invalidate below this point however we feel the likely scenario is up trend.
Happy trading!