We closed the weekly candle above the key support at 86,807, which means that making a new low inside this month is unlikely. For now, price is likely to remain range bound for a bit longer.
If you recall the last update, we discussed the imbalance at the 96k-98k region, created after the weekly structure shift. This zone remains the primary target for a bearish pullback, and price will likely push toward it over the coming weeks.
The key level to watch this week is 90,320, which marks the top of the compressed weekly range. If this level is reclaimed on the LTF, the 94k-96k highs become the next target.
A push into the yearly close looks quite likely, given the amount of upside imbalance. I’m expecting a short-term recovery this week if we continue to build support inside the 88.1k-86.8k region