As expected from the previous analysis, the price breaks the neckline of the bearish figure head & shoulders and in the last hours reaches its target at 8,800.
Short-term sentiment has become bearish with a downward bias of the 20-year moving average and a negative momentum.
If prices don't find support at these levels we could see a further collapse to 8,200, and if the latter doesn't hold up to the bearish phase either, it could continue up to 7,700.
A rebound on the latter could give a very good chance of long term entry.
Short-term sentiment has become bearish with a downward bias of the 20-year moving average and a negative momentum.
If prices don't find support at these levels we could see a further collapse to 8,200, and if the latter doesn't hold up to the bearish phase either, it could continue up to 7,700.
A rebound on the latter could give a very good chance of long term entry.