The week is coming to an end, and today we are traditionally summing up the outcomes.
So, the chart shows that the price has moved upwards out of the sideways channel, and at the same time we can see clearly that the past resistance level has became the support one with point –to-point accuracy. At the same time, the upwards move was weak and did not allow to overcome the previous high, setting a new resistance level at $5,340.
The EMA50 moving average is at the $5,260 level while the EMA100 at $5,195 provides local support. The MACD indicator is in the negative zone.
On the day chart the situation has not changed duplicating our previous review.
So, let’s sum up. Early this week we set the upward movement targets and they are maintained. Please keep in mind that the bulls are too weak now to reach the $5,400; at the same time there is an accumulation of short orders at $5,340-5,350, so a decline to $5,100 – $5,000 levels is likely to occur.
Trade cautiously. We will publish a more detailed market situation analysis on Monday.
Meanwhile, we wish everyone a great weekend!