The price went down to a low of 216 USD today. As expected the bearish momentum increased after crossing the 235 benchmark.
Daily RSI is now below 50, which supports the bearish market behavior.
We have now some interesting lines directly below:
- A parallel of the long term downward trend channel acted as support today at 215 USD (bigger picture in screenshot below, red lines)
- The 50-day moving average is at 203 tomorrow
- The 196 USD line, that acted as resistance since Aug19. It's crossed by the long term uptrend. Both will act as strong support. Also 200 USD should be a favorable level for traders to close running shorts and open new longs for the long run.
>>> Support Area: 203-196 USD
On the other hand a move above the 235 USD level could lead to a bullish break up with a target towards 270.
Short term resistance: 235 USD
Daily RSI is now below 50, which supports the bearish market behavior.
We have now some interesting lines directly below:
- A parallel of the long term downward trend channel acted as support today at 215 USD (bigger picture in screenshot below, red lines)
- The 50-day moving average is at 203 tomorrow
- The 196 USD line, that acted as resistance since Aug19. It's crossed by the long term uptrend. Both will act as strong support. Also 200 USD should be a favorable level for traders to close running shorts and open new longs for the long run.
>>> Support Area: 203-196 USD
On the other hand a move above the 235 USD level could lead to a bullish break up with a target towards 270.
Short term resistance: 235 USD
