By analyzing the image, we notice the following:
1. Market Trend: The price appears to be trending upward after a series of bullish and bearish bounces. The moving averages (EMA) indicate that the current trend is bullish, especially after the price broke the 7, 25, and 99 period averages, which is a positive indicator of a strong bullish trend.
2. Support points:
The first point of support can be identified at the level of 65,823.75, which is the lower level close to the current price where the price has previously consolidated.
The second point of support is at the level of 56,796.37, which is a clear previous bottom that may provide strong support if a larger correction occurs.
3. Resistance points:
The first resistance is at 73,620.12, which is the recent high, and the price is expected to face some difficulties in breaking above it.
If this resistance is broken, the price could head towards higher levels, and we may see the next resistance at 74,851.13.
4. Technical indicators:
RSI (Relative Strength Index) is at 50.17, which is in neutral territory meaning there is a balance between buying and selling forces.
The Stochastic indicator shows a reading of 42.97, which indicates neither overbought nor oversold, which may support the continuation of the uptrend.
MACD is showing a positive crossover, as the DIF is above the DEA, indicating positive momentum that may continue to push the price higher.
5. Trading volumes:
Trading volumes are relatively high, indicating that traders are interested in the current market. Continuation of this volume could reinforce the uptrend, while any significant decrease in volume could signal a potential weakening of momentum.
Based on the above, the current trend is bullish, but it is preferable to closely monitor the support and resistance levels to confirm the continuation of the rise or in the event of a correction.
