Even though we are in somewhat blue-sky territory I still place...

Even though we are in somewhat blue-sky territory I still place emphasis on the long term monthly trend.

Below is a very simple candlestick chart. Those 3 recent "soldiers" are not perfect but given the volume and the sell down to try and break the trend (upper horizontal line) and then the quick buy-up to force price back over that upper channel I sternly believe the bull LT formation is in control.

EMA on a relatively tight range also looks in control for absorption of any selling volume pressure. To be honest the shorts have been squeezed and it seems are not willing to risk increased positioning as they are well aware recently they came under pressure I.e lost out on bad spread positions.

Price can only be controlled for so long, as at some point you take the other side of the spread to profit from any potential arbitrage. I'm still a strong buyer at these levels, I think the next psychological barrier to be honest will be around $2200 USD.

Time will tell as always.
NL.