. Classic analysis

Overall trend: The stock is currently experiencing a slight upward sloping horizontal phase after a sharp downward wave starting from the 8.40 level. Price is currently trying to break out of a narrow crossover area.

Support and resistance levels:

Key support level: 6.80 (strong correction zone).

Nearby resistance: 7.18, then 7.40.

Price Pattern: A mini double bottom pattern is forming at the 6.50 and 6.70 levels, with a break above the 7.01 level representing a positive start of activation.

2. Smart Currency Concept (SMC) Analysis

Market Structure: We noticed a change of character on the small frame (CHoCH) after holding above 6.90.

Liquidity Area: “Buy Liquidity” is above the previous highs of 7.15 and 7.40 levels.

Price Gap (FVG): There is a completely undetected price gap around the 7.30 level, which is a magnetic price target.

3. Wyckoff analysis

Current phase: The arrow is at the end of the accumulation phase.

Spring: A “fill” or rapid hypothetical break above the previous low of 6.50 (March) followed by a rapid rebound confirms the absorption of buying.

Volume: “Status: High” appears on the data panel, indicating good long volume entry in the bottom area.

4. Technical indicators

RSI: Currently at 54.9 (in the very neutral zone), there is room to rise before reaching saturation.

ADX: Strength 19.4 (currently in a weak trend), which is normal at the beginning of a consolidation path reversal phase.

MACD: “Bull” appears, a positive crossover signal appears, supporting the continuation of the bullish momentum.

5. Transaction management (based on data displayed on the screen)

Ideal entry point: 7.01 (current price).

Stop Loss: 6.80 (a close below cancels the positive outlook).

Specific goals:

First goal (TP1): 7.18

Second goal (TP2): 7.36

Third goal (TP3): 7.54

Long Goal (TP5): 7.89

6. Expected scenarios

Base case (positive): Stability above the 7.01 level and a breakout of the 7.18 resistance on high volume would open the way to 7.36 and 7.54 respectively.

Alternative scenario (negative): A breakout of the 6.80 level would mean a return to test the last bottom at 6.50 and enter an additional bearish wave.

final rating

Expected trade success rate: 57% (based on the bullish score shown in the indicator).

Type of Trade: Swing trades are considered short to medium term, given that we are within the daily frame and the target price level is relatively far away from the current price.

Note: Technical analysis is a probability tool and is not a direct recommendation to buy or sell. Please always adhere to capital management.

Source link