Midterm forecast: . While the price is above the support 22.50, beginning of uptrend is expected. . We make sure when the resistance at 50.65 breaks. . If the support at 22.50 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis: . The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased. . While the RSI uptrend #2 is not broken, bullish wave in price would continue. . A trough is formed in daily chart at 41.30 on 07/16/2020, so more gains maximum to Major Resistance (50.65) is expected. . Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. . Relative strength index (RSI) is 67.
Total Profit: 22 pip Closed trade(s): 0 pip Profit Open trade(s): 22 pip Profit
Trade Setup: We opened 11 BUY trade(s) @ 47.49 based on 'Valley' entry method at 2020.07.25.
Open Profit: Profit for one trade is 47.51(current price) - 47.49(open price) = 2 pip 11 trade(s) still open, therefore total profit for open trade(s) is 2 x 11 = 22 pip