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The sharp bearishness prevailed as expected since the current corrective wave is still dominating the movements, particularly after breaching the uptrend line that carried the movements of the IM wave. Now, Stochastic needs some kind of relaxation; whilst RSI is showing positive tendency. Thereby, some kind of correction might be seen to retest the previous broken trend line before moving downwards once more. Anyway, we will be neutral for the time being until momentum indicators unload the oversold signs. In the midday report, we will introduce an Elliott study about the bearish wave that occurred during the previous period!
The trading range for today is among the key support at 36.80 and key resistance now at 43.10.
The general trend over short term basis is neutral until we see how the price will behave around 42.05-42.30 during this week.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.|