The price bounced from 6.00 resistance level. RSI and a candlestick pattern confirmed the price reversal. MACD histogram supports a possible downward movement, and the lines are going to prove the same soon. DMI is bullish and ADX line position tells us about trend market conditions. When ADX line starts falling, it will give us an additional confirmation for the downward movement.
We have to wait for reaching one of the possible support zones where the market will be able to give us reversal signals. These signals should be used for buying. The 1st support zone is at 4.50 support level and it also includes the local uptrend line and SMA50. The price can bounce from this zone and move upward to the previous high. If so, reversal signal from this zone should be used for short/medium term buying with stops below the local swing low and profit target at the nearest resistance.
If the price breaks this support zone, the 2nd one will be at SMA100, SMA200, and the main uptrend line. This zone is much stronger. Bouncing from this zone will give good buy signals for short, medium and long term trading. This zone will be the perfect place for starting a new upward wave and continuation of the uptrend to new highs at 7.00, 9.00 and 10.00 levels.
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