Long term trend: Up
Medium term trend: Up
Significant levels: 5370 (Horizontal Resistance), 5070 (Horizontal Support)
Though the price didn't literally touched the support line, we can see on the chart that the market rejected the support area. The rejection formed a Large Bullish bar yesterday. Even if this indicated that the market does not want to go down further, we still cannot confirm if the price will go up now. We are bullish on this market and going Long will be our only trade here, for now. We will look for a trade setup that is probable to earn profits (at all times). As of now, there is no trade for us here.
Trade well.
Medium term trend: Up
Significant levels: 5370 (Horizontal Resistance), 5070 (Horizontal Support)
Though the price didn't literally touched the support line, we can see on the chart that the market rejected the support area. The rejection formed a Large Bullish bar yesterday. Even if this indicated that the market does not want to go down further, we still cannot confirm if the price will go up now. We are bullish on this market and going Long will be our only trade here, for now. We will look for a trade setup that is probable to earn profits (at all times). As of now, there is no trade for us here.
Trade well.