The market is in the uptrend on the Daily timeframe. The market reached the support level a few days ago and the pullback buying opportunity was formed.
Currently the price is around the resistance level and there is a chance that a correction wave may begin. In case of successful development of the trend, a more distant target will be on the highs of August 4 – 7, where the next resistance is located with the borders of $7.56 – $7.80.
When breaking through the support, the trend will reverse and we should look for selling opportunities. The borders of this level are $4.56 – $4.63.
Longs will remain relevant until the market is above the nearest support level on the Daily chart, the lows of September 15 – 17.
Currently the price is around the resistance level and there is a chance that a correction wave may begin. In case of successful development of the trend, a more distant target will be on the highs of August 4 – 7, where the next resistance is located with the borders of $7.56 – $7.80.
When breaking through the support, the trend will reverse and we should look for selling opportunities. The borders of this level are $4.56 – $4.63.
Longs will remain relevant until the market is above the nearest support level on the Daily chart, the lows of September 15 – 17.