Midterm forecast:
While the price is above the support 7446.80, resumption of uptrend is expected.
We make sure when the resistance at 9243.50 breaks.
If the support at 7446.80 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend.
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 7767.40 on 10/07/2019, so more gains to resistance(s) 8200.00 and maximum to Major Resistance (9243.50) 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 39.
While the price is above the support 7446.80, resumption of uptrend is expected.
We make sure when the resistance at 9243.50 breaks.
If the support at 7446.80 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend.
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A trough is formed in daily chart at 7767.40 on 10/07/2019, so more gains to resistance(s) 8200.00 and maximum to Major Resistance (9243.50) 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 39.