55.Since it did reach 55. in February supply has been taking over. And the only time it did since showed some buyers interest was when it tested 85. where it showed the whole time it was there major supply presence. A break under the 70. area on maintained supply would give even more confident confirmation that it is moving toward the 55. area.
On the weekly we can see how the 83. area has been a responsive zone for the last 10 weeks. Especially when after these 10 weeks of price testing it and showing demand weakening it dropped to the 70. area on heavy supply closed on a bearish engulfing.
So would not consider any serious buy unless it would break upside 84. showing major SOS.
Considering that a retracement could go to the 75. area before seeing any further drop, which would be good since it could provide a even better sell entry with a tight stoploss.
