Weekly price is located below 100 period SMA (100 SMA) and 200 period SMA (200 SMA) for the primary bearish market condition with the secondary ranging within 1170.06 key resistance level and 1077.19 key support level:
- symmetric triangle pattern was formed by the price to be broken for direction;
- 100 SMA is located below 200 SMA for the bearish trend to be continuing;
- Nearest support levels are 1089.61 and 1077.19;
- Nearest resistance levels are 1156.65 and 1170.06.
| Resistance | Support |
|---|---|
| 1156.65 | 1089.61 |
| 1170.06 | 1077.19 |
- if weekly price
breaks 1170.06 key resistance so we may see
the secondary rally within the primary bearish market condition with the good possibility to the reversal of the price movement to the primary bullish;
- if weekly price breaks 1077.19 key 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.
