Weekly price is located below 200 SMA in the bearish area of the chart. The price was on bear market rally but it was bounced from resistance level at 30.61 to below for the bearish trend to be resumed.
- If the price breaks 30.61 resistance together with 200 SMA to above so the weekly bullish reversal will be started with 32.70 level as the possible target to re-enter.
- If the price crosses support level at 24.25 to below so the strong bearish trend will be continuing.
- Alternatively, the price will be on secondary ranging within the primary bearish trend to be within 24.25/30.61 s/r channel waiting for direction.
Trading Summary: ranging to be near and below 200 waiting for direction
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