Come on let's BREAKOUT

Likelihood of breakout from 150 increasing due to tests on daily and lower time frames. 151 reached on 3/03/15 after which 149.5 was achieved on the daily chart on 2,7 & 8/04/15. Last time this level was tested was in 2007 when 148.82 was recorded in the week ending 30/06/07. Long term bull run evident on monthly and weekly chart. On the daily chart the last (series of) higher low(s) bounced strongly off an RSI oversold level of 80. The 15, 50 and 200 period EMAs are all trending strongly upwards. Recent daily candles are positioned above the 15 period EMA and below the upper Bollinger Bar. Momentum on the daily chart is trending upwards with a MACD of 1.3 but is some way (and possibly divergent) from its recent peak of 2.3 when price reached 151. Of some concern is the RSI on the daily chart which is currently in oversold territory with a slow stochastic reading of 84.7 and is just trending down. Having said this the fast stochastic bar looks to be about to cross over and move upwards. Overall demand is strong at approx 1.8 m versus supply of approx 0.9m. 1.2m shorts recorded yesterday being approx 1/4 of total trades. Resistance from shorters at 150 and above increasingly evident.

Come on bulls let's break out.