The bearish 100-Simple Moving Average (SMA), now at $1,732 on the four-hour chart, continues to guard the upside. Meanwhile, bulls remain hopeful while trading above the mildly bullish 21 SMA at $1,717. The Relative Strength Index (RSI) is trading flat but still above the midline, suggesting that there remains room to the upside.
The bull cross confirmed on Monday, after the 21 SMA cross the 50 SMA for the upside, also adds credence to the potential move higher. Acceptance above 100 SMA will call for a test of the $1,750 psychological level, above which the horizontal trendline resistance at $1,752 will be eyed.
On the flip side, if the 21 SMA caves in, the immediate support will be seen at the 50 SMA of $1,713. The next downside target is placed at $1,700. Further south, the 16-month troughs of 1,681 will be put under threat once again.