The weekly continuation chart shows a very solid bottom at around 320 and an equally very solid top at around 440. Price has been trading sideways between these values since June 2014 and these values are relevant for us to keep in our minds.
From August 2016 on price gradually moved higher from its solid long term supportive level, gradually making higher highs and higher lows.
Within the 320/440 trading range there is a trending ascending channel that starts in August 2016 at 320 and gradually moves up. The ascending resistance of this trending price channel is at around 395 for the coming week and its ascending support is at 360 for the coming week. These supportive and resistance lines are to be kept in mind when looking at the price for the medium/long term. Until proven the contrary we have to assume that price will continue developing within this ascending price channel. Price could well make one more move down for the week to come but we keep our target at the upper boundaries of the ascending channel.
From August 2016 on price gradually moved higher from its solid long term supportive level, gradually making higher highs and higher lows.
Within the 320/440 trading range there is a trending ascending channel that starts in August 2016 at 320 and gradually moves up. The ascending resistance of this trending price channel is at around 395 for the coming week and its ascending support is at 360 for the coming week. These supportive and resistance lines are to be kept in mind when looking at the price for the medium/long term. Until proven the contrary we have to assume that price will continue developing within this ascending price channel. Price could well make one more move down for the week to come but we keep our target at the upper boundaries of the ascending channel.
