Weekly charts are forming a pennant which is a continuation pattern. So more chances of an upward breakout. Also a bullish engulfing pattern was formed. With two gap up candles on the daily and a closing high since the correction from 1344 which started in mid February, I would conclude that the bullish engulfing pattern indicates more bullishness to come.Daily macd has signalled a buy and the Rsi14 and stochastics show strength above the 50 line.
Trade long with a stop at 1294.
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!