Daily price broke Ichimoku cloud to below for the primary bearish reversal. For now - the price is testing the support levels at 4453 and 4419 for the bearish trend to be continuing; otherwise - ranging within the bearish market condition.
The secondary correction is going to be continuing with the possible bearish reversal to be started: the price is crossing the Ichimoku cloud to below for the possible bearish reversal. Alternatively, the price will be on ranging waiting for direction.
The price is still on secondary ranging to be near and aroud 200 SMA for waiting for the direction of the strong trend to be started.
Weekly price is still testing support level at 70.06 to below for the 'secondary correction to the primary bearish reversal' to be started.
The price was broke 212.0 resistance level to above for the secondary ranging to be started.
The price was bounced from 194.2 support to above to the resistance level at 267.6 to be broken for good bullish breakout.
New resistance level is 352.8
The weekly price is continuing to be ranging within s/r channel with new support level at 8243 and new resistance level at 9225:
- if the price breaks the support to below so the primary bearish reversal will be started;
- if the price breaks the resistance at 9225 so the bullish trend will be continuing;
- alternatively, the price will be on ranging to be near and inside Ichimoku cloud for direction.
Conclusion: ranging for direction.
The weekly price was bounced from 58.55 support level to above for 200 SMA to be broker with the new resistance level to be formed: 119.92. The Stochastic oscillator is indicating the overbought market condition so the secondary correction is very likely in the near future.
Daily price was bounced from resistance level at 32.93 to below for the secondary correction. For now, the price is trying to cross the 32.07 support and 200 SMA to below for the primary bearish reversal to be started with 31.86 as the nearest target to re-enter.
The price broke the support level at 24161 to below on the close weekly bar, but Chinkou Spam line of Ichimoku is not indicating the secondary correction to be started in the near future for example. Thus, the price is started to be ranged within 21250 support level for the primary bearish reversal and 24161 resistance for the bullish trend continuation with the secondary ranging way.
Trading Summary: waiting for direction
The weekly price is on still with ranging within 251.21/285.91 s/r channel. But rhe Chinkou Spam line of Ichimoku indicator is ready to cross the historical price to above for the possible bullish breakout. Anyway, the ranging market condition is under way for now.
The price is located above 200 SMA and it is still on secondary ranging within s/r channel for direction.