Weekly View 20 May - 24 May

Fall of the price from 35861 (USD 1487.20) extended further lower last week and broke the alert level 33387 (USD 1384.68.00), 23.6 % retracement level, suggesting that the rebound from 31865 (USD 1321.50) has already finished. The only support that seems next to hold the price is 35861 (USD 1487.20) itself, the 100% retracement. Break of this support would extend to lower important support levels at 31350 (USD 1300.00) which is close to 31283 (USD 1297.42), 78.2 % retracement from 27889 (USD 1156.66) to 43459 (USD 1802.40) in weekly chart (20May_W_Weekly). If these supports are given up, then we may see further loss towards 28897 (USD 1200.00) psychological level.

On the upside, above 34326 (USD 1423.62) may bring another recovery to extend the consolidation from 31865 (USD 1321.50). After all, for now as long as 36813 (USD 1526.70) holds, the outlook remains Bearish.

Refer to chart images : 20May_W_Daily, 20May_W_Weekly, 20May_W_M15, if you need link to where these images are let me know.

Trade Happy , trade safe :)