Midterm:
There is no trend in the market and the price is in a range bound, but we forecast resumption of uptrend.
Technical analysis:
. The RSI bounced from the support #1 at 26 and it prevented the price from more losses.
. The RSI downtrend #2 is broken, so the probability of resumption of uptrend is increased.
. Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains.
. Relative strength index ( RSI ) is 44.
Trading suggestion:
. The price is in a range bound and we forecast the uptrend would resume.
. There is a possibility of temporary retracement to suggested support zone (6000 to 5460). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (6000)
Ending of entry zone (5460)
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 reversal patterns is formed in the zone.
Take Profits:
TP1= @6415.00
TP2= @6974.35
TP3= @7682.60
TP4= @8760.45
TP5= @9774.80
TP6= @11600.00
TP7= @12700.00
TP8= @14350.00
TP9= @17095.65
TP10= @19704.20
TP11=Free
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