This week saw the 152.50 psychological level come into play and prices pulled back to find support at a Fibonacci level plotting around 150.87. This can keep the door open for short-term bullish momentum strategies, but for those with a longer-term basis, taking a step back given those extreme overbought readings may be prudent until matters settle a bit. As such, the forecast for next week will be set to neutral as we may be at an important pivot in the trend given the upcoming quarter-end after a very strong start to 2021 trade.
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