Price has moved down rapidly during the last hours and has now reached important
support level, made up of the Weekly S2, the trendline going back to mid September and
also the 5/8 fib retracement of the large bull wave up. If price cuts through this
level and moves down towards the 8350 level, Weekly S3, we might see a flight reaction
and a spike towards the 7600 level (horizontal support/resistance level and SMA200) and
below that the Monthly S1. If price manages to find support by the trendline, which
would be the natural thing, we might see buyers stepping in and quickly push the
price higher. Any lingering and sideways action by the trendline or 9000 area may
warn of a breakdown and a move lower. Bulls would like to see a reaction by the
9000 level, since there is a confluence support level.
support level, made up of the Weekly S2, the trendline going back to mid September and
also the 5/8 fib retracement of the large bull wave up. If price cuts through this
level and moves down towards the 8350 level, Weekly S3, we might see a flight reaction
and a spike towards the 7600 level (horizontal support/resistance level and SMA200) and
below that the Monthly S1. If price manages to find support by the trendline, which
would be the natural thing, we might see buyers stepping in and quickly push the
price higher. Any lingering and sideways action by the trendline or 9000 area may
warn of a breakdown and a move lower. Bulls would like to see a reaction by the
9000 level, since there is a confluence support level.
