Midterm forecast: There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 8363.05 would begin in Midterm. Price may also reach 8363.05, if price reaches this level, we may enter by Daily-Trading-Opportunities (Price Action).
Trading suggestion: There is possibility of temporary retracement to suggested Buy Zone (9180.05 to 7773.55), if so, we would set orders based on Daily-Trading-Opportunities (Price Action) and expect to reach short-term targets.
Beginning of entry zone (9180.05)
Ending of entry zone (7773.55)
Technical analysis:
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Midterm forecast Midterm forecast: . While the price is above the support 8410.20, resumption of uptrend is expected. . We make sure when the resistance at 11600.00 breaks. . If the support at 8410.20 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Trading suggestion: There is possibility of temporary retracement to suggested Buy Zone (9180.05 to 7773.55), if so, we would set orders based on Daily-Trading-Opportunities (Price Action) and expect to reach short-term targets.
. Beginning of entry zone (9180.05) . Ending of entry zone (7773.55)
Technical analysis: . Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. . Relative strength index (RSI) is 56.