According to the RSI, the market maintains negative momentum in the medium-term as the indicator is posting lower peaks since the 3rd of April, while it negatively sloped below its neutral threshold of 50 since April 22. The MACD lines meanwhile MACD lines continue to deccelerate to 6-month lows, something that add conviction to the downside break. Nevertheless the fast Stochastics suggest that further weakness is possible since it is still points down.
As the asset heasing southwards, next Support levels could be identify on 161.8% Fibonacci retracement level of the upleg last week and at the 100%and 127.2% Fibonacci extension from the swing seen between 4-14 of May.
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