Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (161.900 to 163.638). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

• Beginning of entry zone (161.900)
• Ending of entry zone (163.638)

Midterm forecast:

• While the price is below the resistance 166.685, resumption of downtrend is expected.
• We make sure when the support at 155.150 breaks.
• If the resistance at 166.685 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

• The descending flag taking shape suggests we will soon see another leg lower.
• The RSI uptrend #1 is broken, so the probability of resumption of downtrend is increased.
• A peak is formed in daily chart at 166.685 on 10/31/2024, so more losses to support(s) 158.355 and minimum to Major Support (155.150) 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 37.

Take Profits:

1. 160.210
2. 158.355
3. 155.150
4. 153.221
5. 150.684
6. 143.087
7. 140.391