1. Yesterday, bulls had lost the battle against bears at the 61.8% level and failed to break the 128.5x and rebounded back to the correction zone. Now, prices loss approx. 16% of the maximum winning value of yesterday.
2. At this time, short traders and long investors started to take rest after the previous day of historical increases since the year 2014 to charge energies for a new journey.
3. Also, as US administration sanctions against Russian products did minor impact on Russia and europeans hesitation to respond the US made investors in a watching state to see whats next. In the same context, the agreement between Ukrainians and Russian to stop fighting today for 12 hrs reduced the market performance as well as the meeting between the foreign ministers of both side which will take place tomorrow in Turkey may keep today calming status and keep prices at the same today's levels.
4. The prices had been depreciated till the bottom of the supporting zone (green) as shown on chart and indicated on the RSI indicator. The big selling of traders put now the prices in the overselling zone as per RSI indicator and to rebound upwards RSI (blue) must intersects with RSI-EMA10 (yellow) where bulls will start to be active in clearing this zone directly after the intersection point (@ 35.10% on RSI scale).
5. Targets levels have changed and reduced. To leave the support zone (green), prices must break the minor down trend line of today (blue dashed) and penetrate the 118.1x price to continue its way to the starting limit of resistance zone (red) @ 120.2x.
6. Breaking the 120.2x limit will put the prices inside the resistance testing zone between 121.4x and 126.1x for some fluctuations before starting a new battle between bulls and bears that will wait @ 61.8% level which is the strongest resistant line inside the red zone.
7. A new test @ 128.5x for bulls where they would sell and goes back or insist to penetrate the 61.8% level as well as the major trend line (dashed yellow) to hit the target(s).
8. Mood of traders depend on political news and geopolitical situation in Ukraine which will be cleared more by tomorrow.
Tools used in analysis are BB indicator, FB pattern, ZigZag ++ and RSI indicator.