Current trend: Price is above the upward trendline (blue diagonal support). This indicates that the uptrend is still being maintained, although the price is undergoing a short-term correction.
2. Main support: The area around 589.25 serves as strong support, closely aligned with the upward trendline.
3. Short-term resistance: The price level of 642.10 is the nearest resistance that the price needs to overcome to continue the uptrend.
4. Situations to pay attention to:
• If the price breaks below the trendline, selling pressure may increase, pushing the price back to the support zone of 589.25.
• If the price holds above the trendline and surpasses 642.10, the next target will be the nearest peak around 687.75.
Strategy:
• Long near the trendline with a stop loss below 589.25.
• Take profit in parts at the next resistance zones.