The market formed a new resistance at 61.50 level which could stop the upward movement. The price moves sideways below this level, and for trading, we will need to wait for more signals from the market.
A breakout above this resistance will confirm the strength of buyers. The market will be able to reach a resistance zone between 70.00 and 75.00 levels. Buying based on this breakout will give an entry level too far from the good buying zones.
The better entry zones for buying are at 50.00 support or the main uptrend line and SMA100, if the price can break 50.00 level. Reversal signals from these zones will allow entering in good long positions with a good risk-reward ratio. Stop orders for all buy trades should be placed below the local swing lows, and profit targets should be 61.50, 70.00 and 75.00 levels for short and medium term trading.
A breakout above this resistance will confirm the strength of buyers. The market will be able to reach a resistance zone between 70.00 and 75.00 levels. Buying based on this breakout will give an entry level too far from the good buying zones.
The better entry zones for buying are at 50.00 support or the main uptrend line and SMA100, if the price can break 50.00 level. Reversal signals from these zones will allow entering in good long positions with a good risk-reward ratio. Stop orders for all buy trades should be placed below the local swing lows, and profit targets should be 61.50, 70.00 and 75.00 levels for short and medium term trading.
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