US 100 ended its temporary decline and now it looks poised to resume its growth. The bias is bullish, the index could resume its growth if the USD continues to depreciate.
The index has invalidated a potential drop once again. It has registered only a temporary decline, which is natural. The price is traded near the immediate resistance levels, a potential breakout could bring new opportunities.
Technical Analysis!
US 100 is back above the uptrend line and beyond the weekly pivot point (13,672.5). Its failure to retest the pivot point signaled that the bulls are very strong. Now is pressuring the 13,744.7 resistance level.
Stabilizing above it and registering a new higher high, to close above 13,785.9, could really indicate that it could resume its growth. A new higher high could signal that US 100 could approach the R1 (13,880.4).
I believe that only dropping and stabilizing below the weekly pivot point (13,672) could invalidate the bullish scenario.
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