A further dip and another bounce from a spike to prod at better supports at 6875/71.5. to attempt to build a base from the recent correction.
The base effort and bullish outside Monday pattern that produced a nudge to a new cycle high leaves a rebound bias today and whilst above deeper support at 6795, we see upside pressures into May.
We see an upside bias for 6955.5; break here aims for 7000, maybe even up to 7023 and 7049.
But below 6870 opens risk down to 6835, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
We see a more positive tone with the bullish threat through the new record high at 7085.5.
Above here targets 7123 and 7178.
What Changes This? Below 6795 signals a neutral tone, only shifting negative below 6618.
Momentum: The 8-day RSI, short-term momentum is positive, but not OB, leaving scope to go still higher this week.
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