The price movement is exhibiting a pattern of rejection from a descending trend line. Presently, support is delineated within a range of 550-555, constituting a trial of the ascending trend line, from which a retracement is anticipated. The 50% retracement level is situated at approximately 615, serving as a test of the descending trend line, which functions as a resistance threshold, potentially eliciting further rejection. Should the trend line breach and maintain a position above this level, subsequent resistance is projected at approximately 642 and 676. Conversely, a breach of the support at 550 would likely sustain bearish momentum.
Trade closed: target reached