- Price is holding around 200 W EMA as well as the 32.8% Fibo and 11th Feb major swing lows at 51.26.
- The weekly stochastics remain bearish with the reversal of the December commencing rising channel that ended on 22nd May in play.
- We have a weekly doji forming, ( a potential trend reversal candlestick).
- On a continuation of the downside, the next major target is located at 14th Jan 50.41 low ahead of the 26th November lows at 49.44.
- The descending wedge patter’s support around 49.70/50.00.
- On the flip side, a clear break above the 200 W EMA and a close above the 21-4HR EMA opens prospects for a run above the channel resistance and a run back towards the 29th May lows at 56.91.
Weekly chart:
Daily chart
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