While the price is above the support of 23.75, a resumption of an uptrend is expected. We make sure when the resistance at 28.75 breaks. If the support at 23.75 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The symmetrical triangle is taking shape, and as a continuation pattern suggests, we will soon see another leg higher if the price breaks and closes above the downtrend line of the triangle. While the RSI resistance #1 at 48 is not broken, the probability of price increase would be too low. A peak is formed in the daily chart at 26.75 on 07/06/2021, so more losses to support(s) 24.50 and minimum to Major Support (23.75) are expected. Price is below WEMA21; if the price rises more, this line can act as dynamic resistance against more gains. The relative strength index (RSI) is 39.
Take Profits: TP1= 25.75 TP2= 26.60 TP3= 28.30 TP4= 29.85 TP5= 33.45 TP6= 37.50 TP7= 44.20 TP8= 49.80 ❤️ If you find this helpful and want more FREE forecasts in TradingView
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