The weekly continuation chart especially shows that there is not such awfully much to show.
There is a gap between, roughly, the 450 and the 465 level and the rules of TA teach us that gaps always are filled. Regretfully, however, same TA rules do not teach us when that gap has to be filled so that doesn’t particularly help us a lot here and now.
Price has developed an ascending price channel that is drawn in the chart with dashed lines and that is rather wide due to the rally during April/May 2016 so the upper boundary of same channel does not help us too much here either.
The lower boundary of same channel, however, shows various supportive points during February/April 2016, during September/October 2016 and during January 2017.
During the past 7 weeks, price has been moving rather sideways within a channel between, roughly, 330 and 350. We have coloured a green triangle between the lines which represents a strong supportive zone between, roughly, 330 and 320 during the coming week.
The most logical move to expect from here and now is a possible further decline of price into its support and a bounce up from there with, possibly, 400 or even up to 475 as target. Too early to assume right now but to keep in mind as possible future play.
There is a gap between, roughly, the 450 and the 465 level and the rules of TA teach us that gaps always are filled. Regretfully, however, same TA rules do not teach us when that gap has to be filled so that doesn’t particularly help us a lot here and now.
Price has developed an ascending price channel that is drawn in the chart with dashed lines and that is rather wide due to the rally during April/May 2016 so the upper boundary of same channel does not help us too much here either.
The lower boundary of same channel, however, shows various supportive points during February/April 2016, during September/October 2016 and during January 2017.
During the past 7 weeks, price has been moving rather sideways within a channel between, roughly, 330 and 350. We have coloured a green triangle between the lines which represents a strong supportive zone between, roughly, 330 and 320 during the coming week.
The most logical move to expect from here and now is a possible further decline of price into its support and a bounce up from there with, possibly, 400 or even up to 475 as target. Too early to assume right now but to keep in mind as possible future play.
