New trading suggestion: * The price is in a range bound and we forecast the uptrend would resume. * There is still a possibility of temporary retracement to suggested support line (16.50). if so, traders can set orders based on Price Action and expect to reach short-term targets. * If you missed our first HUNT, you have a second chance to buy above the suggested support line (16.50).
Midterm forecast: . While the price is above the support 16.50, resumption of uptrend is expected. . We make sure when the resistance at 18.35 breaks. . If the support at 16.50 is broken, the short-term forecast -resumption of uptrend- will be invalid. . We will close our open trades, if the Midterm level 16.50 is broken.
Technical analysis: . The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg higher if price breaks and closes above the downtrend line of the triangle. . While the RSI support #1 at 45 is not broken, the probability of price decrease would be too low. . A peak is formed in daily chart at 18.35 on 06/01/2020, so more losses to support(s) 17.50, 16.50 and minimum to Major Support (16.50) 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 58.