Thursday 13th March

The daily chart reflects a neutral longer-term bias as the price remains in a broader downtrend but is showing signs of stabilization following a recent bounce from key support at 66.89. The price remains below the 200-day SMA (73.69) and the 50-day SMA (72.57), indicating that bearish control is still dominant, but a potential short-term recovery is developing. The Stochastic Momentum Index is rising from oversold levels (-61.20%), suggesting that selling pressure is weakening and a potential upside retracement could unfold. However, significant resistance lies at 68.23, followed by 72.57, where the 50-day SMA could act as a dynamic barrier. If the price manages to break above 72.57, it could test the 200-day SMA (73.69), with a further target at 75.30, aligning with a descending trendline from previous highs. Conversely, if the price fails to hold above 66.89, a retest of 66.00 and potentially 63.50 could occur, continuing the broader downtrend. A stop loss below 66.50 is recommended for long positions, while short positions could target 63.50 with stops above 73.00.

The 4-hour chart has a bearish short-term outlook as the price remains below key moving averages despite the recent bounce. The 50-period SMA (67.35) is currently acting as immediate resistance, with the 200-period SMA (70.83) remaining far above, reinforcing the broader downtrend. The Stochastic Momentum Index is at 60.25%, nearing overbought conditions, indicating that the recent upward move may be running out of steam. If the price fails to break above 67.35, a rejection could send it back toward support at 66.91, followed by 66.00. However, a breakout above 67.35 could trigger a move toward 70.83, aligning with a previous breakdown zone. Given the overall weak trend structure, short positions remain favorable as long as price remains below 68.00, with a stop loss above 68.50 to protect against a breakout.

Wednesday 12th March

The daily chart remains firmly in a downtrend, with price continuing to trade below key moving averages, including the 50-day SMA (pink line) at 72.66 and the 200-day SMA (green line) at 73.71. The series of lower highs and lower lows confirm sustained bearish pressure, and recent price action suggests that any attempts at recovery have been met with selling. The Stochastic Momentum Index is deep in oversold territory at -69.35%, which could indicate a potential short-term bounce, but no bullish divergence is evident, meaning downside risks remain. Immediate resistance lies at 68.36, followed by 72.66, where the 50-day SMA may act as dynamic resistance. If the downtrend continues, the next key support is at 66.09, followed by 64.00, which aligns with previous swing lows. Traders looking to short the market should target a move toward 66.09 while placing stop-loss orders above 72.66 to protect against any sudden reversals.

The 4-hour chart exhibits a consolidation phase following a prolonged downtrend, with price stabilizing around the 66.65 level. However, the overall trend remains bearish, as price is trading below all key moving averages, including the 50-period SMA (pink line) at 67.68 and the 200-period SMA (green line) at 71.04. The failure to reclaim these levels indicates that sellers are still in control. The Stochastic Momentum Index has rebounded slightly from oversold conditions but remains weak at -14.18%, suggesting a lack of strong upward momentum. If price fails to break above 68.36, further downside toward 66.09 is likely, with an extended move lower potentially reaching 64.00. Any break above 68.36 could lead to a short-term relief rally toward 72.08, but overall, the bearish structure remains intact. Traders should consider short positions below 68.36, with a stop loss above 72.08 to limit risk.

Monday 10th March

The daily chart maintains a bearish outlook as the price continues to trade below all key moving averages, confirming persistent downside momentum. The price recently bounced from support at 66.69, but the recovery remains weak, with the 14-day SMA at 69.28 and the 50-day SMA at 72.88 acting as resistance. The long-term downtrend remains intact, with the 200-day SMA at 73.81 capping prior rally attempts. The Stochastic Momentum Index is in oversold territory at -65.14%, which may suggest a short-term bounce, but no bullish divergence is evident, meaning further downside risk remains. A break below 66.69 could accelerate selling pressure towards 64.50, while any upside attempt would need to clear 69.28 to indicate a possible shift in momentum. Traders should consider maintaining short positions below 69.28, with stop losses above 72.08 to protect against a reversal.

The 4-hour chart confirms a short-term bearish bias, as price struggles to gain traction above 66.87, a key intraday support level. The price remains below the 14-period SMA at 68.36 and the 50-period SMA at 69.28, suggesting that the short-term trend remains under selling pressure. The 200-period SMA at 71.59 further reinforces the broader bearish structure. The Stochastic Momentum Index has attempted to turn higher but remains weak at 9.17%, indicating that any rebound might be short-lived. A rejection from 68.36 would reinforce bearish momentum, potentially leading to another test of 66.69 and a further decline towards 65.50. However, a break above 69.28 would shift sentiment towards neutral, with upside potential towards 71.59. Traders should maintain short positions below 68.36, with stops above 69.28 to manage risk.

Friday 7th March

The daily chart maintains a bearish longer-term bias, with price continuing to trend downward below all key moving averages. The 14-day SMA (blue line) and the 50-day SMA (pink line) have acted as dynamic resistance levels, reinforcing the selling pressure. The 200-day SMA (green line) at 73.88 has also turned downward, confirming that the broader trend remains to the downside. The price is currently testing key support at 66.69, and a breakdown below this level could accelerate losses toward 63.00, a previous swing low. The Stochastic Momentum Index is deep in oversold territory at -68.69%, suggesting that the selloff may be due for a short-term bounce; however, no clear bullish divergence is present, meaning momentum remains aligned with price action. Any recovery would need to reclaim 69.59 first, followed by 72.08, to shift sentiment. Short positions remain favorable as long as the price stays below 72.08, with stops placed above this level to protect against a reversal.

The 4-hour chart confirms a bearish short-term outlook, with price trading below all key moving averages and struggling to hold above the 66.87 support level. The downward-sloping 50-period SMA (pink line) at 68.78 and the 200-period SMA (green line) at 71.92 indicate strong resistance overhead. While the price appears to be stabilizing slightly, the Stochastic Momentum Index remains weak at -38.76%, with no strong divergence suggesting a shift in momentum. If the price fails to hold above 66.87, further downside toward 65.00 and 63.00 is likely. Any short-term relief rally will face strong resistance at 68.78, where sellers may look to re-enter. Traders looking to short should place stops above 68.78 to manage risk, while cautious long positions should wait for a confirmed break above 69.59 before considering an entry.