FORTH - Technical review and analysis

FORTH has registered more than 20% price growth in the past day. The currency had been trading at strong support in the $2.30-$2.70 range, and over the past 7 months, this level had prevented the price from falling further. A classic reversal pattern has formed in this area, and given the strong major pivots formed in the past, there is a possibility of further price growth and a move toward the resistance of the $4 range. However, the main resistance is in the range of $4.35-$4.70 and could have a stronger negative reaction. Important support is considered in the range of $2.80-2.85, and we expect a positive reaction if the price returns to this level. Price targets are also indicated on the chart in case of favorable market conditions.