We see that the price moved first within the bounds of the green channel from its lower to the upper wall, after which the direction of movement changed to the opposite, and the market fell to the lower wall of the green channel.
Currently, two scenarios are possible, or the price will push from the support level of 117.98, and we will see the market grow to the upper bound of the yellow channel and the resistance level of 119.39. Or the lower green line will be broken, in this case, the bears will open a path in the direction of the support level of 116.9.
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It should be noted that the moving average is much higher than the current price level, this may indicate the strength of the bears and that they have enough potential to break through the support level.
