The movement in recent days has formed a new support level with the borders of $30.75 – $31.05. A few days ago, a new resistance level with the borders of $33.15 – $32.45 was also formed.
One of these levels is likely to be broken through soon. In case of support level breakout, the potential for the downward movement is limited since the new support level is located around $30.25.
After the bullish candle on the Daily timeframe is closed above the resistance level the market will reverse and the uptrend will start. The first target in this case is the resistance level formed on August 21 – 24 with the borders of $36.60 – $37.10.
In case of successful development of the trend, a more distant target will be on the highs of August 12 – 15, where the next resistance is located with the borders of $46,60 – $48.55.
One of these levels is likely to be broken through soon. In case of support level breakout, the potential for the downward movement is limited since the new support level is located around $30.25.
After the bullish candle on the Daily timeframe is closed above the resistance level the market will reverse and the uptrend will start. The first target in this case is the resistance level formed on August 21 – 24 with the borders of $36.60 – $37.10.
In case of successful development of the trend, a more distant target will be on the highs of August 12 – 15, where the next resistance is located with the borders of $46,60 – $48.55.