The sharp drop yesterday pushed the metal below the first target of the bullish harmonic Bat Pattern threatening extending its effect and shows the possibility of stabilizing at the first extended target of the pattern represented in 78.6% correction at 22.13.
But we prefer to wait, as Linear Regression Indicators are still positive and might support the positive return if the price stabilized again above 21.38. Therefore, we remain neutral today waiting for confirmation signals.Support
: 21.00, 20.86, 20.65, 20.50, 20.34 Resistance:
21.38, 21.50, 21.70, 22.00, 22.13Recommendation
Based on the above, we prefer to remain neutral waiting for confirmation signals For those who wish to benefit from breaking 21.38 and bet on reversing Linear Regression Indicators to negative before it actually happens, its possible to sell the metal below 21.38 targeting 21.00 and 20.86 with stop-loss above 21.70.