ICE-Weekly neutral bias–The 268.89 peak area could cap near term
ICE@ 258.16, Weekly neutral bias – The 268.89 peak area could cap near term
ICE rallied off the 227.22 swing low (March 7, 2016 weekly low) to look to challenge the 266.74/268.89 topping zone (November 9, 2015 weekly high/February 8, 2016 all-time peak).
The area is near the 2.5-year rising wedge resistance (linking January 6, 2014/November 9, 2015 weekly highs). A clean upside break is needed to sustain the 7.5-year uptrend and target the 300 area.
Failure to decisively break above the 268.89 resistance would suggest near-term topping and signal further consolidation back to 238.10 (May 2, 2016 weekly low). Below lies the 227.22 significant support.
However, if the 220.28/227.22 medium-term support area (August 24, 2015/March 7, 2016 weekly lows) were broken, that would suggest further retreat towards the 202.24/200.00 support zone (January 26, 2015 weekly low/psychological number) which is also near the long-term rising trendline (from January 2009 higher low).
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
Monthly: neutral
ICE rallied off the 227.22 swing low (March 7, 2016 weekly low) to look to challenge the 266.74/268.89 topping zone (November 9, 2015 weekly high/February 8, 2016 all-time peak).
The area is near the 2.5-year rising wedge resistance (linking January 6, 2014/November 9, 2015 weekly highs). A clean upside break is needed to sustain the 7.5-year uptrend and target the 300 area.
Failure to decisively break above the 268.89 resistance would suggest near-term topping and signal further consolidation back to 238.10 (May 2, 2016 weekly low). Below lies the 227.22 significant support.
However, if the 220.28/227.22 medium-term support area (August 24, 2015/March 7, 2016 weekly lows) were broken, that would suggest further retreat towards the 202.24/200.00 support zone (January 26, 2015 weekly low/psychological number) which is also near the long-term rising trendline (from January 2009 higher low).
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
Monthly: neutral