Chart Analysis and Comments
1. Trend Analysis and Outlook:
The chart clearly shows an upward trend. The price is moving within an ascending channel. The lower support line and the upper resistance line have formed the channel boundaries. In general, we can say that the trend is upward.
2. Support and Resistance Levels:
• Support: The channel bottom line (around 4.4-4.5 levels) is an important support point. As long as it is not broken below this level, the uptrend can be maintained.
• Resistance: The level around 4.8-5.0 seems to be a strong resistance zone. If the price breaks this level, it is likely to move towards the upper band of the channel (around 5.5-6.0).
3. Formations and Formation Reversals:
• Possible Pattern: The price moving within the ascending channel seems to be forming a possible ascending triangle pattern. This pattern generally increases the probability of an upward breakout.
• If an upward breakout occurs, the price can be expected to reach the target areas quickly.
4. Indicators:
• Volume: An increase in volume can strengthen the possibility of breaking the resistance area. If volume increases while breaking the resistance, this supports the rise.
• RSI/MACD (not visible but generally useful at this stage): Watch for signals of approaching or reversing overbought territory.
5. Target and Prices:
• In the short term: 5.2-5.5 level is the first target area.
• In the medium term: 6.0-6.5 levels can be targeted with a movement towards the channel upper band.
6. Strategy:
• Long Positions: It may be logical to buy from places close to the price channel lower band (4.4-4.5 levels) and place the stop-loss slightly below this level.
• Breakout Strategy: If the price breaks the 5.0 level, a purchase can be made with volume support and 6.0 levels can be set as the target.
• Risk Management: Stop-loss level can be considered as 4.3. Because falling below this level may mean that the uptrend has ended.
7. Summary:
• The trend is positive and upward.
• The 5.0 level is an important resistance and the rise may accelerate above this level.
• Short and medium term targets can be determined with risk management.
I have done this analysis mainly based on price movements and technical levels. I recommend you to take market dynamics into consideration before making any investment decisions.