0
970
Weekly price is on bearish market condition with below of 100-period SMA and 200-period SMA:
- the price crossed 60.00 psychological level on close W1 bar for the bearish to be continuing with 55.06 as the next target;
- triangle pattern was broken by price for good possible breakdown of the price movement;
- next targets are 55.06 (support level), 51.39 (support level) and psychological level as 50.00;
- Nearest support levels is 55.06 (W1) and 51.28 (W1);
- Nearest resistance levels are 66.21 (W1) and 67.81 (W1).
Resistance | Support |
---|---|
66.21 (W1) | 55.06 (W1) |
67.81 (W1) | 51.28 (W1) |
- if weekly price
breaks 67.81 resistance so we may see
the secondary rally within the primary bearish market condition;
- if weekly price breaks 51.28 support level so the primary bearish will be continuing without ranging up to 45.07 as the next target;
- if not so the price will be moved within the channel of 67.81 and 51.28.