Last night we had recommended this Rectangle or Double Bottoms breakout. Price has moved out of the high and is likely to proceed to the Double Bottoms price target at $1902.00. Keep profit target at $1902 but shifts stop higher to $1875. Momentum (both MACD and Stochastic) are still strong and rising and should be able to support a price move to the profit target.
Price could be about to break out of a mini Double Bottom chart pattern. A move above $1876 could target a move to $1902. A move above the Double Top’s neckline will also move price above the 20EMA resistance point as well. The targeted move to $1902 is also near to the Fibonacci 50% correction point. Currently MACD is still bearish but the fast line could be moving above the zero line. Stochastic has a bullish crossover and is moving higher. Both momentum indicators are supportive of a price rally.