Range-bound, with a bullish lean
As the chart below shows, the range is defined by a level of 2800 on the downside, and 2895-2900 on the upside. From a technical perspective, direction cannot be determined until either an upside or downside breakout is achieved.
There is some hope for the bulls. The market is forming a nascent inverse head and shoulders formation, with a measured target of 2980 on an upside breakout. As good technicians know, head and shoulders formations are not complete until the neckline breaks. The current pattern can only be interpreted as a setup that may fail.
The presence of unfilled gaps both above and below current levels do not give any hint on likely direction. However, the market is giving a number of bullish clues from a technical perspective.
The full post can be found here.
Source: http://humblestudentofthemarkets.blogspot.com/2019/05/range-bound-with-bullish-lean.html
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