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Weekly price is on bearish market condition with below 100-period SMA and 200-period SMA with the ranging between 54.27 resistance level and 42.18 support level:
- the price is trying to cross 46.22 intermediate support level from above to below with 42.18 as the next bearish target;
- symmetric pattern was broken by price to below for the breakdown to be continuing;
- nearest support levels to be broken are 46.22 and 42.18;
- nearest resistance levels are 54.27 (W1) and 69.57 (W1).
Resistance | Support |
---|---|
54.27 (W1) | 46.22 (W1) |
69.57 (W1) | 42.18 (W1) |
- if weekly price
breaks 54.27 resistance so we may see
the secondary rally within the primary bearish market condition;
- if weekly price breaks 42.18 support level so the primary bearish will be continuing without ranging up to the new 'bottom' to be forming;
- if not so the price will be moved within the levels.