1. Both 100 & 200 Day moving averages still trending down with supply overpowering demand at the end of the week at the 100 Day moving average indicating the trend is still long term bearish with a nice tweezer top.
2. Price closed on Friday below the up trend line of the last 2 weeks indicating a bearish reversal of the minimal trend.
Trend line retest entry at .7100
Stop at .7120 back inside the minimal trend range above Fridays close, within the marked flipping support and resistance area, and above the broken .5 fib level from the larger previous swing.
Momentum will increase upon a failed test of the broken trend line at the area of large supply/ fib resistance and the minimal trend change will confirm bearish bias and a target of the .236 fib level is a conservative target from there at .705.
2. Price closed on Friday below the up trend line of the last 2 weeks indicating a bearish reversal of the minimal trend.
Trend line retest entry at .7100
Stop at .7120 back inside the minimal trend range above Fridays close, within the marked flipping support and resistance area, and above the broken .5 fib level from the larger previous swing.
Momentum will increase upon a failed test of the broken trend line at the area of large supply/ fib resistance and the minimal trend change will confirm bearish bias and a target of the .236 fib level is a conservative target from there at .705.