1. Target and Prices
• The chart shows an upward target sign. This target usually indicates that the price will gain some momentum after breaking past resistance levels.
• A target towards 1.00 levels seems to be foreseen above.
2. Support and Resistance
• Support: There is an ascending trend line at the bottom of the chart. This shows that the price reacts and moves upwards as it touches this line. This line can be considered as the main support.
• Resistance: A horizontal resistance zone is evident at the upper level at 0.30-0.32 levels. Breaking this resistance zone may trigger an upward movement in the price.
3. Indicators
• There is no clear indicator in this chart. However, the increase in volume should be followed. If there is an increase in volume in the resistance break, this may support the rise.
4. Formation and Formation Reversals
• A symmetrical triangle formation is observed on the chart. This formation usually creates the expectation of a sharp movement in the direction it is broken.
• The possibility of an upward breakout seems high, as the price is putting upward pressure on the support line.
5. Trend Direction
• There is currently an ascending trend line, indicating that the price is in a general upward trend.
6. Strategy
• Short Term:
• If the price breaks the current resistance level of 0.32, a buying opportunity may occur.
• After the breakout, the 0.50 level can be followed as the first target.
• Long Term:
• After the resistance is broken, gradual increases up to the 1.00 level can be expected.
• Stop Loss:
• If the support line is broken below the rising trend line, a stop loss can be triggered (for example, the 0.28 level).
7. Recommendation
• Buying should not be done without confirming the breakout of the resistance zone.
• Volume growth and the general direction of the market should be monitored carefully.
• Stop loss levels must be determined and risk management must be done.