Wide Range Market – Consolidation Pattern
On the short term , the market still ranging between wide levels 1185/1225 – yesterday up move has not been sustained and awaited more confirmation for that move – with down move is again sustained .
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.and higher 1220 which penetrations of it means toward 1250 and higher.
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