Currently seeing a Rising Wedge on the macro time frames, these patterns are typically bearish, but could see a breakout to the upside about 30-35% of the time.
If we breakout upward your target remains 6200. If we fail downward, there is a support at 5600 which is a daily pivot, there is a also a 4H doji level which will be your failure target at 5455.
If that level is broken you have a significant daily HVN (high volume node) around 5200-5300.
If that is broken, then look to 4800 as a significant support, unlikely to reach this level.
DMI is currently still bullish, but is constricting showing that the trend is weakening.
If we breakout upward your target remains 6200. If we fail downward, there is a support at 5600 which is a daily pivot, there is a also a 4H doji level which will be your failure target at 5455.
If that level is broken you have a significant daily HVN (high volume node) around 5200-5300.
If that is broken, then look to 4800 as a significant support, unlikely to reach this level.
DMI is currently still bullish, but is constricting showing that the trend is weakening.