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Weekly View:
The past 4 weeks were completely range bound.On a strong weekly close above the 29.50.30.20 area we would next target the 32 region.A close below 27 would bring prices lower than the 26 dollar area to 21-23 long term support zone.
The chart below (circled area) shows how range bound the price action was right at the important trend lines.
Medium term trend is down on a close above the 33.50 area would turn bullish and possibly bottom the correction which began from the 49 region.
Have a great trading week ahead.
The past 4 weeks were completely range bound.On a strong weekly close above the 29.50.30.20 area we would next target the 32 region.A close below 27 would bring prices lower than the 26 dollar area to 21-23 long term support zone.
The chart below (circled area) shows how range bound the price action was right at the important trend lines.
Medium term trend is down on a close above the 33.50 area would turn bullish and possibly bottom the correction which began from the 49 region.
Have a great trading week ahead.
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