Technical Analysis : We broke the downtrend line and had three white soldiers to confirm the reversal of the trend, also the falling wedge shows a bullish reversal since we broke it upwards. Although on a lower timeframe MACD and RSI look bearish, we expect the price to reach our Buy Zone before the impulsive move upwards.
Aroon : Aroon Up on Top and Aroon Down on bottom show a bullish momentum.
MACD : We had lower lows on the chart but not on MACD which shows MACD divergence and signals for a reverse of the downtrend.
Entry : 21.5-23.5
Target : 39.75 (at Fib50% and just below a previous high and resistance )
Invalidation : 19.5 ( Just Below our support and last low )
Aroon : Aroon Up on Top and Aroon Down on bottom show a bullish momentum.
MACD : We had lower lows on the chart but not on MACD which shows MACD divergence and signals for a reverse of the downtrend.
Entry : 21.5-23.5
Target : 39.75 (at Fib50% and just below a previous high and resistance )
Invalidation : 19.5 ( Just Below our support and last low )
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