0
988
Weekly price is on bearish market condition with below of 100-period SMA and 200-period SMA:
- the price is trying to cross 54.27 resistance level on close W1 bar for the secondary market rally to be started;
- symmetric triangle pattern was formed by the price to be broken for the direction;
- nearest support levels are 46.22 (W1) and 42.18 (W1);
- nearest resistance levels are 54.27 (W1) and 69.57 (W1).
Resistance | Support |
---|---|
54.27 (W1) | 46.22 (W1) |
69.57 (W1) | 42.18 (W1) |
- if weekly price
breaks 54.27 resistance on close weekly bar so the secondary market rally will be started;
- 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.