THE RS PRICE CONSOLIDATION IS MATURING
General Overview
The established RS declining channel pattern continues to hold, indicating maturity. We anticipate a resurgence of the long-term bull trend towards T2 and beyond once the RS formation is fully completed.
Short-Term Outlook
The recent downward reversal from R1*/R aligns with our projected scenario.
We expect:
Any additional declines to challenge the K/S1* level.
Subsequent D-type range trading to finalise the RS* channel pattern.
Feasible Alternative
A more extensive correction towards S2 and S remains a viable scenario. This could also conclude the RS channel pattern if there is a break below the K* level.
Target and Re-assessment levels:
Important Level/s: 70500 and 65800
Primary Trend: RS range trading followed by a bullish trend to 75000.
Prevailing Trend: 68100
Monthly Range: 70000/65800
Technical Rating: Medium
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