Midterm forecast: While the price is above the support 38.50, beginning of uptrend is expected. We make sure when the resistance at 76.30 breaks. If the support at 38.50 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis: While the RSI support line #1 is not broken, bullish wave in price would continue. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 52.
Trading suggestion: . There is a possibility of temporary retracement to suggested support zone (48.00 to 38.50). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (48.00) Ending of entry zone (38.50)
Entry signal: Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words, NO entry signal when the price comes to the zone BUT after any of the reversal patterns is formed in the zone. To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons: