Weekly price is located below 100-period SMA and 200-peiod SMA for the primary bearish market condition with secondary ranging between 1232.40 resistance and 1156.82 support levels:
- the price is trying to cross 1156.82 support for the bearish to be continuing;
- triangle pattern was formed with 1156.82 support level for the breakdown to be started;
- next support level to be broken is 1142.58;
- Nearest support levels are 1156.82 (W1) and 1142.58 (W1);
- Nearest resistance levels are 1205.74 (W1) and 1232.40 (W1).
| Resistance | Support |
|---|---|
| 1205.74 (W1) | 1156.82 (W1) |
| 1232.40 (W1) | 1132.00 (W1) |
- if weekly price
breaks 1232.40 resistance so we may see
the secondary rally within the primary bearish;
- if weekly price breaks 1156.82 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 channel of 1156.82 and 1232.40.
