Monday saw buyers come in and nearly gain back all of Friday's big loss helping gain back bullish momentum. Today we saw some follow through to the upside making new highs and reaching the 4 resistance area mentioned earlier (18.27-18.30). This zone contained the sym triangle objective @ 18.27. It's now time to set up our next resistance area.
Resistance area #5: 18.71-18.94
This level should provide some stiff resistance as there is a confluence of fib retracements, a 361 fib extension, and the 50 WMA. We haven't had a weekly close above the 50 WMA since July of 2012.
Let's see how the market reacts if it reaches this area in the next week or two.
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