Midterm forecast: . While the price is below the resistance 29.85, beginning of downtrend is expected. . We make sure when the support at 19.65 breaks. . If the resistance at 29.85 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: . The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased. . While the RSI support #2 at 45 is not broken, the probability of price decrease would be too low. . A trough is formed in daily chart at 26.00 on 08/21/2020, so more gains to resistance(s) 28.35 and maximum to Major Resistance (29.85) 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 60.
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@Mehmetozdemi, We've specified the support lines, and based on the "Stepped profit-taking" method, you can define TPs in supports to be suitable for your trades.
Mehmetozdemi
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@ForecastCity, How does that work? stepped profit-taking? Could you walk me through it a bit please?
ForecastCity
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@Mehmetozdemi, Sure, read about it on this page please:
It's about Simple profit-taking methods for Trend Hunter Strategy. If you had any questions don't hesitate to ask our online support team on the website.
Mehmetozdemi
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@ForecastCity, Thank you sir. You've been very helpful. I will read it.