Will the neckline be broken???

A bearish candle on the daily chart indicates that the much anticipated head and shoulder formation is still in play and currently is in the progress of completing the right shoulder.

However, the beast needs to penetrate the neckline at 155.00, in order to ensure that the bulls have given up to push the price further up and the bears are completely in control of the market.

The next cluster of support is at 151.00 region. See the daily chart below.


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