Graphic Analysis
1. Target and Prices:
• There is a significant resistance area (blue area) on the chart. This resistance area is around 620-650 levels.
• If this zone is broken upwards, the next target can be estimated to be 1200 levels.
2. Support and Resistance:
• Support Levels:
• The first important support area is located in the 550-570 band.
• Lower support is at 450 levels.
• Resistance Levels:
• The current resistance zone is strong at 620-650 levels.
• The upper target resistance zone is at 1200-1250 levels.
3. Indicators:
• Although the indicators do not appear clearly on this chart, it can be said that the price is approaching the resistance zone and is preparing for a possible breakout.
• The increase in volume is remarkable; this may strengthen the possibility of a breakout.
4. Formations and Formation Reversals:
• A double bottom formation or round bottom formation is observed on the chart.
• If the resistance is broken, the formation's target points to 1200-1250 levels.
5. Trend Direction:
• The general trend is upward.
• Price movements have accelerated towards the resistance zone, indicating that the momentum is in favor of buyers.
6. Strategy Recommendation:
• Breakout strategy: If the price makes a daily close above the 650 level, the stop loss level can be set at 620 and 1200 can be targeted.
• Buying from support strategy: If the price pulls back to the 570 area, a short-term transaction can be considered by buying from this area and reaching the resistance level.
• Risk Management: Considering the high volatility, it is recommended to trade with a capital risk of 2-3%.
In general, the price is in the resistance zone. Buying before the breakout can be risky; therefore, waiting for confirmation would be a healthier strategy.
