The market is in the uptrend on the Daily timeframe. The market has been in the deep correction for the last few days. The price reached the support level with the borders of $275 – $282.5 and the pullback was formed. A pullback buying opportunity on the Daily timeframe was formed.
The movement in recent days has formed a new support level, the lower border of which practically coincides with the previous support low.
The next target for the bullish movement is the resistance level with the borders of $330 – $336.8, formed on August 7 – 14.
If the market is closed above this resistance successfully, the price is likely to move forward to the target #2 – it is the resistance level with the borders of $402 – $413 formed on May 4 – 5.
Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 19 – 21. The borders of this support are $276 – $279.
The movement in recent days has formed a new support level, the lower border of which practically coincides with the previous support low.
The next target for the bullish movement is the resistance level with the borders of $330 – $336.8, formed on August 7 – 14.
If the market is closed above this resistance successfully, the price is likely to move forward to the target #2 – it is the resistance level with the borders of $402 – $413 formed on May 4 – 5.
Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 19 – 21. The borders of this support are $276 – $279.