Weekly price is on bearish market condition with below of 100-period SMA and 200-period SMA for ranging between 70 psy level and 45.17 support level. The price is trying to break 55.06 support level to be crossed for the bearish market condition to be continuing:
- the price crossed 60.08 support level on close W1 bar and trying to cross 55.06 support for the bearish to be continuing;
- triangle pattern was broken by price for good possible breakdown of the price movement;
- next support levels to be broken are 50.00 psy level and 45.17;
- Nearest support levels are 55.06 (W1) and 45.17 (W1);
- Nearest resistance levels are 70.00 (W1) and 86.37 (W1).
| Resistance | Support |
|---|---|
| 70.00 (W1) | 55.06 (W1) |
| 86.37 (W1) | 45.17 (W1) |
- if weekly price
breaks 70.00 resistance so we may see
the secondary rally within the primary bearish market condition;
- if weekly price breaks 45.17 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 70.00 and 45.17.
