February 2015 Contract
Any potential corrective dip was dismissed Thursday-Friday with the surge above our chart targets at 1256, 1259/60, 61.8% retrace at 1266 and 1280.
The Tuesday push above 2139 secured and reinforced the basing effort from December for a bullish shift and this was further enhanced by the break last week above a down trend line from March 2014 and leaves threats still higher for latter January.
Short-term Outlook - Upside Risks:
- We see a more positive tone with the bullish threat to resistance clusters at 1298/99 and 1300/03.
- Overshoot threat for January is up to 1323/25 and maybe even the 1350 cycle peak.
Momentum: The 8-day RSI, short-term momentum is rising confirming the new high and has scope to go still higher.
What Changes This? Below 1225 eases bull risks; through 1186 signals a neutral tone, only shifting negative below 1167.
- We see an upside bias through 1282/83 to 1288; break aims for 1298/99/1303.
- But below 1255 opens risk down to 1226/25.
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