Daily price was bounced from support level at 25.19 to above for 200 SMA to be crossed for the bullish trend to be resumed. Stochastic oscillator is showing the oversold market condition for the price, and Parabolic SAR is on uptrend for the price to be started so the bullish trend continuation is very likely for D1 price for example.
- if the price breaks 26.54 resistance level to above for the 27.85 possible target so the primary bullish trend will be resumed;
- If the price crosses support level at 25.19 to below so the bearish reversal will be started with 24.83 as the target to re-enter;
- alternatively, the price will be on secondary ranging to be near 200 SMA waiting for the direction of the strong trend to be started.
Trading Summary: ranging for direction
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Excellent technical analysis! Your identification of the confluence between the support at 25.19 and the oversold conditions on the Stochastic oscillator demonstrates a very precise reading of the market. Using the 200 SMA as a trend filter for the long-term outlook adds a great deal of reliability to the strategy. Furthermore, the clear definition of breakout and invalidation scenarios reflects professional risk management. Congratulations on the clarity and technical objectivity!