mql5

Weekly price is located between 100 period SMA (100-SMA) and 200 period SMA (200-SMA) for the primary bearish market condition: price is on secondary bear market rally since the middle of January this year with 100-SMA to be broken to above for the bearish ranging market condition to be started on the border between the primary bearish and the primary bullish trend on the chart.

The price is ranging within the following support/resistance levels:

• 1,300.00 psy resistance level located near and below 200-SMA on the border between the primary bearish and the primary bullish market condition on the chart, and
• 1,046.27 support level located far below 100-SMA/200-SMA area in the primary bearish trend on the chart.

RSI indicator is estimating the secondary ranging market condition.

• If the price will break 1,300.00 resistance level so the bullish reversal will be started.
• If price will break 1,046.27 support so the primary bearish market condition will be continuing.
• If not so the price will be ranging within the levels.

Resistance	Support
1,300.00	1,046.27
1,400.00	N/A

The Long-Term Strategy: watch close price to break 1,300.00 resistance level for possible buy trade.