The market provides us a trend reversal signal based on a bullish divergence. I don't think that the market will start a new uptrend after that, but a correction movement looks logically in such a situation.
The price bounced from 8000.00 support level. RSI confirms the price reversal. MACD lines and histogram support a possible upward movement. These signals can be used for short and medium term trading.
If the price breaks the local downtrend line, this signal can be used for opening long positions with stop orders below 7700.00 level. The profit targets should be placed at 9000.00 and 10 000.00 resistance levels, or we can use SMA100 and SMA200 for this. These lines and levels will be able to stop the upward movement and push the market down to the main support. Just remind you about the bottom at 6000.00 level, which is the main goal for the downtrend.
The price bounced from 8000.00 support level. RSI confirms the price reversal. MACD lines and histogram support a possible upward movement. These signals can be used for short and medium term trading.
If the price breaks the local downtrend line, this signal can be used for opening long positions with stop orders below 7700.00 level. The profit targets should be placed at 9000.00 and 10 000.00 resistance levels, or we can use SMA100 and SMA200 for this. These lines and levels will be able to stop the upward movement and push the market down to the main support. Just remind you about the bottom at 6000.00 level, which is the main goal for the downtrend.
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