continuation the downward move
On the short term , the market has fallen to keep the levels of 1200 as support and penetrated it downward – so the higher breakout was not sustainable and could not build further higher prices expectations.
the major short-term levels which the market would keep an eye on it 1178 – further drop below means 1150s would be the target for the market again.
On the longer-term view : The view has became stabilized after a drop was expected further ; the market would range between 1250 and 1190 ; the penetration of one of this level would determine the new direction and continuously we would update the view as the factors are changing .
Daily Trend: Up
Weekly Trend: Range