You could very well observe from last 8-9 days, the appearances of candles with big real bodies (both bullish and bears) and lingering on 7DMA (see the rectangular shape on daily charts).
The current upswings likely to prolong upon break out above 78, failure swings to bring in the equal chance for bears.
Current price showing strength in sideway trend, remain DMAs
RSI decisive but slightly bullish biased as this leading oscillator trending higher 64 levels.
Buying momentum in short term rallies and medium term consolidation phase is also signaled by the stochastic oscillator.
MACD on monthly signals bearish trend to prolong ahead.
On monthly charts, the price declines consistently below EMAs and more slumps likely as spinning top and doji appear with huge volumes. Major downtrend goes in whipsaws, testing 7EMA as resistance.
Most importantly, the massive volumes on consolidation phase are in conformity to the uptrend that we are seeing from last two months.
Well, on speculative grounds, we recommend buying rallies and decide to initiate one touch call options which are highly leveraged products, for every successive rise in 1 pip the returns would be exponential. Since 1W implied volatility is on the higher side at around 13.79% in a slightly bullish environment in short term, we recommend this long vega strategy.
