For three months the price action remains in a range 72.00$-80.50$ drafting a long consolidation.
We expect the price is running to an area of technical resistance defined by the following:
0.50% fib reaction of 80.45$-71.20$ 50MA seems to be at 75.75$, Monday’s high at 75.78$ 14MA (weekly) seems to be at 75.85$ Earlier break down levels exists at 76.25$
Overall between 75.75-76.25$ it could face stiff resistance with supports are at 74.30$. Caution will be ordered if the price trade through the given resistance zone. In this case 76.90$, 77.40$ and 78.50$ could even possible.
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