The market is in the uptrend on the Daily timeframe. Yesterday the market hit the resistance level with the borders of $322 – $325. This level was the target in the bullish trend. The market failed to break through this level yesterday and started to correct.
A pullback buying opportunity will appear after the correction completion on the Daily chart.
This correction may form another resistance where the high of August 8 will become its upper border.
When the correction is finished and we see the pullback, this price zone will become the target for the bullish movement.
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 July 31 – August 2. The borders of this support are $275 – $282.5.
A pullback buying opportunity will appear after the correction completion on the Daily chart.
This correction may form another resistance where the high of August 8 will become its upper border.
When the correction is finished and we see the pullback, this price zone will become the target for the bullish movement.
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 July 31 – August 2. The borders of this support are $275 – $282.5.