The price bounced from the at 13,000 level and breached Downtrend Line. This is an indication of price wanting to move further upwards. The chart is showing two reversal patterns which are supporting upward movement. These patterns are called "Diamond Reversal Pattern" and "Double Bottom Pattern".
& are indicating trend reversal but not so strongly. If the price falls to 14,300 and bounces by breaking Neckline Level, it is considered that the price wants to move higher. Buy orders should be set above the neckline to MA50 line.
Also it is necessary to price to break MA100 level before seeing any further upward movement.
What if the price starts to fall downwards?
Instead buying too early do the following:
Watch for ideal reversal zones such as
-> 13,100 and 12,400 levels (strong )
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Buy: Above 15,700 level
Partial Profit Target: 17,700 level
Main profit targets: Around 20000.00 and 21000.00 levels
Longer term Target: 26,000 level
Stop Loss: 10,700
Things to Remember:
-> Stop-loss orders are strongly recommended.
-> Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
-> Do your homework before investing.
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
The price rejected MA100 (orange line) and reversed. Waiting a stronger signal on RSI and MACD but these are ideal reversal zones to watch for.