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Weekly Scenario.
Looking at the weekly chart one can easily figure out the sideways non decisive price action.Another leg down cannot be ruled out which would target the $21-23 zone.Look the the price behavior near the long term trend line ,this shows how important the trend line is.$31.50 should not be breached,on a breach of which we would next target the $33 zone.Overall the bottom line is the trend is still down until $33 is breached in terms of a weekly close.Support at 27.24-36.04.Resistance at 30.76-31.26.
Have a great trading week ahead.
Looking at the weekly chart one can easily figure out the sideways non decisive price action.Another leg down cannot be ruled out which would target the $21-23 zone.Look the the price behavior near the long term trend line ,this shows how important the trend line is.$31.50 should not be breached,on a breach of which we would next target the $33 zone.Overall the bottom line is the trend is still down until $33 is breached in terms of a weekly close.Support at 27.24-36.04.Resistance at 30.76-31.26.
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