Weekly price is on bearish market condition with below Ichimoku cloud for the secondary ranging within 54.27 resistance and 42.18 support:
- Chinkou Span line is located below the price indicating the flat by direction;
- Absolute Strength indicator is estimating the secondary flat within the primary bearish;
- Nearest support levels are 46.22 and 42.18;
- Nearest resistance levels are 54.27 and 69.57.
|Resistance ||Support |
- if weekly price breaks 54.27 resistance so the secondary rally within the primary bearish market condition will be started;
- if weekly price
breaks 69.57 resistance so we may see the reversal of the price movement to the primary bullish market condition with the secondary ranging: the price will be inside Ichimoku cloud;
- 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.