Trading Chart Analysis July 31, 2024

Market Overview:

Trading volume decreased slightly, indicating that investor interest is fading. Price is currently below the 10 EMA and 20 EMA, confirming the short-term downtrend. The key support level is located at 66802.4 ( EMA 20).

Indicator Analysis:

Ichimoku Cloud:

Price is below the Ichimoku cloud, confirming the downtrend. The Lagging Span and Conversion Line are close to each other, there may be a short-term reversal.

MACD:

The MACD line is below the signal line, the histogram is negative, the signal is strongly decreasing.

MFI:

At 26.54, near the oversold zone, there is a possibility of a slight increase in the short term.

Stoch RSI:

At 2.49, in oversold territory, upside is likely.

RSI:

At 40.34, in the neutral zone, there is no clear signal yet.

ADX:

At 25.69, it shows that the current trend is not strong, the market is in the accumulation phase.

Conclude:

Short-term trend: The market is in a period of fluctuation and accumulation with a downtrend. There may be a slight recovery. Long-term trend: If critical support level 66802.4 is not broken, the downtrend may continue.

Investment Tips:

Investors should closely monitor support levels and technical indicators to make accurate decisions. Be ready for short-term fluctuations but pay attention to long-term trends.