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Weekly Scenario:
The medium term trend remains down we have been in a very tight range since the beginning of July.A two to three week bounce could be seen, this bounce must find resistance around 29.80-30.00,while any strong close above the aforementioned level ,would mean a much potent bounce is on the cards.A break of the support shelf around 26 would turn things very bearish targeting the 24.26-22 zone.
Note:Weekly MACD is diverging which cold tilt the odds towards a bounce.Please keep a track of the daily updates any change in the market direction would be reported immediately there.
Have a great trading week ahead.
The medium term trend remains down we have been in a very tight range since the beginning of July.A two to three week bounce could be seen, this bounce must find resistance around 29.80-30.00,while any strong close above the aforementioned level ,would mean a much potent bounce is on the cards.A break of the support shelf around 26 would turn things very bearish targeting the 24.26-22 zone.
Note:Weekly MACD is diverging which cold tilt the odds towards a bounce.Please keep a track of the daily updates any change in the market direction would be reported immediately there.
Have a great trading week ahead.
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