Weekly Report on Ice Sugar Oranges‼️ (Week 4 of February)

【Weekly Level】 (Figure 1)
1) The weekly chart has now shown 5 consecutive bearish candles. This week opened with a decline. We need to observe the closing situation. If it rebounds with a pin bar, then expect continued consolidation. If it closes lower, then a break below the low is possible.
2) The weekly support zone is between 48,888 and 58,900. A significant rebound may occur if support is found within this range.

【Daily Level】 (Figure 2)
Daily fluctuations are not enough to establish a trend, so a trending market is unlikely for now. The subjective view is that it will not break below 59,800, which will be the low point for this period.

Other views from last week remain valid: 74,300 and 77,100 are still important resistance levels.

【4-Hour Level】 (Figure 3)
The previously indicated green line plan is canceled.
The 17 days of consolidation have formed a descending triangle on the 4-hour chart. A breakdown of this triangle would likely lead to a continuation down to support levels between 62,000 and 63,000.