Breaking down through an area of consolidation after a long time building up orders in the area, Potential retest of the bottom region of the area which could lead to a potential short position down to the target areas of 1770 to 1775
Support and Resistance , A way to draw a horizontal line ! Support, S and Resistance, R 1. Definition 1.1. Support is a zone where price moves up. 1.2. Resistance is a zone where price moves down. - Support and Resistance can interchange when that zone is overcome by price 2. Support and Resistance levels 2.1. Horizontal line 2.2. Trendline 2.3. Moving averages 2.4. A Fibonancci level that you often use (Fibo 61.8) 2.5. A ratio of pattern AB=CD , or a Fibo derived from Harmonic pattern …. Support and Resistance level are mostly depending on the trading skills and experiences of individuals You and me would discuss a way to draw a horizontal line
Midterm forecast: While the price is above the support 1762. 05 , resumption of uptrend is expected. We make sure when the resistance at 1875.15 breaks. If the support at 1762. 05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis: While the RSI downtrend 1 is not broken, bearish wave in price would continue. A peak is formed in daily chart at 1855.50 on 02/10/2021, so more losses minimum to Major Support (1762. 05 ) is expected. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains. Relative strength index ( RSI ) is 37.
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