By looking at the attached chart, I will give you a basic analysis of the market and support and resistance points:
1. **Market Trend**:
- The chart shows green candles and a clear uptrend after a period of sharp decline. The market seems to be in a recovery phase, as the current price (47.95) is well above the record low (29.00). This is a positive signal that the market may turn into an uptrend.
2. **Support and resistance points**:
- **Support Point**: It represents the lowest recorded level which is 29.00. If the price continues to rise, it is unlikely to return to this level unless a strong reversal occurs.
- **Resistance Point**: It appears at the level of 59.10, which is the highest level that the price previously reached before the decline. If the price manages to break this level, it may continue to rise.
3. **Technical indicators**:
- **RSI (Relative Strength Index)**: The RSI level is around 67.23, which indicates that the market is in a near overbought area, but not there yet. This means that there is room for further upside before the market becomes overbought.
- **Stochastic RSI**: It points to 100.00, which is a very high level which means that the market may be in the overbought zone and there is a possibility of a correction soon.
- **SAR (Parabolic SAR)**: Appears below the green candles, supporting the current uptrend.
Based on this analysis, it can be said that the market is currently bullish, but with indicators showing that it is close to overbought. Caution should be exercised and the market should be closely monitored for any signs of a correction or reversal. The mentioned support and resistance points can be used to determine entry and exit levels for the trade.
