The price attempted to break above the upper boundary of the descending channel and the weekly 50 and 200 EMAs on positive news but was unable to sustain above the resistance level. The middle and lower boundaries of the channel and the weekly 50 SMA act as strong support levels. A breakout above the upper boundary of the channel would serve as a strong bullish signal.
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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.