The daily close sees a combination candlestick forming with a bullish outside bar and pin bar. This is also rejecting a key level at 79.12 and a multi touch rising trendline. This is gives a clear bullish bias however after a strong move in one day we may see come consolidation. The ideal scenario is for price to retrace slightly allowing us to time our long entry on the hourly time frame.
Dropping down to the hourly time frame we can see a cluster of prior highs which aligns to a minor demand zone. We also see that the daily pivot and the 50 EMA come into play at this area. MACD divergence also provides an extra factor of confluence.
We will look to initiate a long around the daily pivot subject to appropriate price action. Our ultimate target will be the next daily level at 80.50