Friday, February 7, 2020
Daily Technical Analysis
The main trend is down according to the daily swing chart. A trade through $1551.10 will signal a resumption of the downtrend. Taking out $1598.50 will change the main trend to up.
The major support is the retracement zone at $1539.10 to $1520.00.
The short-term intermediate range is $1542.80 to $1598.50. Its retracement zone at $1570.70 to $1564.10 is currently being tested. Trader reaction to this zone will determine the near-term direction of the market. Overcoming it could lead to a challenge of the recent high. A failure at this zone will likely form another secondary lower top.
The main range is $1619.60 to $1542.80. Its retracement zone at $1581.20 to $1590.30 is potential resistance