Weekly price is on bearish market condition for ranging between 48.19 intermediate support and 51.58 intermediate resistance levels. The key s/r levels are the following: 45.17 key support located far below Ichimoku cloud inside the primary bearish area, and 65.40 key resistance level located on the border between the primary bearish and the primary bullish on the chart.
- Chinkou Span line broke the price from above to below for the price breakdown to be continuing in the near future.
- 'Reversal' Senkou Span line (which is the virtual border between the primary bullish and the primary bearish on the chart) is located far above the price which makes bullish reversal to be impossible in the future.
- The price is ranging between 48.19/51.58 intermediate levels.
- Absolute Strength indicator is estimating the bearish trend to be continuing.
If price will break 48.19
support level so the bearish trend will be continuing up to 45.17 as the key bearish target.
If W1 price will break 45.17 support level so we may see good breakdown of the price movement.
If not so the price will be ranging between the levels.
