Daily momentum is bullish but Weekly momentum is overbought. Profit potential on the upside is minimal and thus long trades would not be advised.
For those who are currently in the market, the rally should at least tag the 148.62-148.85 price cluster where stop losses should be tightened and trailed for part of the long position. There are two more price targets which are at the 162% and 262% external retracement levels of the last drawn wave, where the remaining positions could be trailed. The larger market structure is completing wave 5 of the impulse wave. This rally should continue with the high forming around the 30 March- 5 April time window. Short trades should only be considered after this period after a bearish momentum reversal on the daily chart.
For those who are currently in the market, the rally should at least tag the 148.62-148.85 price cluster where stop losses should be tightened and trailed for part of the long position. There are two more price targets which are at the 162% and 262% external retracement levels of the last drawn wave, where the remaining positions could be trailed. The larger market structure is completing wave 5 of the impulse wave. This rally should continue with the high forming around the 30 March- 5 April time window. Short trades should only be considered after this period after a bearish momentum reversal on the daily chart.