1. Long term EMA (50), which supported the market since March 2018 has been broken. Now acting as resistance with latest reaction at 44.60.
2. Bearish wave structure, 5th Impulsive wave expected.
3. RSI is in bearish channel structure, with space for downside.
Conclusion:
Bearish move in the form of a 5th Impulsive wave expected towards 33.50.
1. Market is supported by long term trend line on Weekly Chart.
2. RSI rebounded from support zone, which corresponds to previous rebound from trend line support.
3. Break out of consolidation phase, now trending higher.
4. Sharp price rejection at 120.00 level, which is a 50% Fibonacci retracement level
Conclusion:
Bullish trend expected to continue to...
