Weekly Chart:
It is still considered a bullish candle, but the range of price movement could not compare to the previous two weeks. The price was approaching the blue long-term neck line from Dec 2011. The market was trying to tell me that be careful at this point.
Daily Chart:
Friday closed with a bearish candle. For me, it acted as a confirmation candle for reversal patter.
Watch out:
1. The blue long-term neck line from Dec 2011 act as a strong resistance.
2. Strong resistance around @ 60
3. Broken the down-trend channel since June 2014 without retesting it.
Action:
Be patient!
Stand aside this week to find the good opportunity in the next few weeks. I am doing nothing this week. Just wait and see the reaction from the market.
Expectation:
1. Strong demand zone waiting around @ 48-50.7
2. Really strong support around @ 47
It is still considered a bullish candle, but the range of price movement could not compare to the previous two weeks. The price was approaching the blue long-term neck line from Dec 2011. The market was trying to tell me that be careful at this point.
Daily Chart:
Friday closed with a bearish candle. For me, it acted as a confirmation candle for reversal patter.
Watch out:
1. The blue long-term neck line from Dec 2011 act as a strong resistance.
2. Strong resistance around @ 60
3. Broken the down-trend channel since June 2014 without retesting it.
Action:
Be patient!
Stand aside this week to find the good opportunity in the next few weeks. I am doing nothing this week. Just wait and see the reaction from the market.
Expectation:
1. Strong demand zone waiting around @ 48-50.7
2. Really strong support around @ 47
Note
As I mentioned in my previous analysis. We right now can see that the price reacted exactly with strong resistance. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.