Strong Support and Breakout Retest Suggest Bullish Continuation In the daily chart, it’s unlikely the price will drop, as strong support was found at 220 from April to October. The current state is a breakout retest of the major resistance at 615.
On the 4-hour chart, the price has been ranging for two weeks, with 602 acting as new support. A strong bearish wick appeared on October 7 at 1pm, but high volume has not yet confirmed it.
On the 1-hour chart, from 670, the price did not return to the value zone quickly (as candles shows some hesistation), indicating some buying interest between 604 and 630, suggesting buying pressure. A bearish wick with high volume appeared at 4pm, suggesting that greater demand level is around 600 than 610.
Consider entering a long trade around 600, with a take-profit target at 640