Morning Report

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We are forced to reconsider our suggested Elliott count since stability above 34.35 has weakened yesterday's discussed harmonic pattern. We will use the classical studies today until the metal introduces an actionable Elliott or harmonic sign where we can see a bearish channel with stability above SMA 50 at 34.85, Furthermore, price is stable above the support of 34.70 but Stochastic shows overbought sign and MACD attempts o be positive without clear confirmation. Therefore, we will be neutral for today until we get a clearer technical sign.

The trading range for today is among the key support at 33.30 and key resistance now at 37.45.

The general trend over short term basis is to the downside,targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.