mql5

Weekly price is on primary bearish market condition with the ranging within 100 period SMA and 200 period SMA area:

• Bear market rally was started in the beginning of the January this year - price broke 100 period SMA together with key resistance levels.
• Fibo resistance level at 1279.71 was tested the rice to above for the market rally to be continuing.
• Ascending triangle pattern was formed the price to be broken to above for the local uptrend as the bear market rally.

If the price breaks Fibo resistance level at 1279.71 so we may see the local uptrend as the secondary market rally within the primary bearish market condition.
If the price breaks Fibo support level at 1061.28 so the primary bearish trend will be continuing.
If not so the price will be ranging within the levels.

• Recommendation for long: watch close the price to break 1279.71 for possible buy trade
• Recommendation to go short: watch the price to break 1061.28 support level for possible sell trade
• Trading Summary: bearish

Resistance	Support
1279.71	1163.50
N/A	1061.28

SUMMARY : bearish

TREND : bear market rally