Trading suggestion:

Price is below the Trend Hunter Buy Zone (5.700 to 5.230).

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

• Beginning of entry zone (5.700)
• Ending of entry zone (5.230)

Midterm forecast:

• While the price is above the support 4.700, beginning of uptrend is expected.
• We make sure when the resistance at 7.800 breaks.
• If the support at 4.700 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

• While the RSI downtrend #1 is not broken, bearish wave in price would continue.
• A trough is formed in daily chart at 4.800 on 05/08/2023, so more gains to resistance(s) 5.230, 5.700, 6.500 and maximum to Major Resistance (7.800) is expected.
• Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
• Relative strength index (RSI) is 43.

Take Profits:

1. 6.500
2. 7.350
3. 7.800
4. 9.600
5. 13.000
6. 16.740
7. 19.814
8. 23.000
9. 31.400
10. 39.500
11. 44.950