Let's look at the 4H chart and try to find a possible entry leves for a case if price decides to go out from the triangle chart pattern. Now we can see that price bounces from the downtrend line and slides lower. MACD histogram and MACD lines don't confirm one direction. DMI -1.79% indicator tells us about possible range market conditons. ADX line falls to 20 level and allows open long trades. RSI confirmed price reversal from the downtrend line, but now it's going to confirm price reversal for up movement. The market is in consolidation and we must be ready for a breakout above the downtrend line or below the uptrend line. As far as the market is near the downtrend line, we'll have to be ready open long trades. If price breaks this resistance line, we should buy above 2615.00 level with stop below the local swing low. This breakout must be confirmed by MACD and DMI -1.79% indicator. MACD must show up movement. ADX line of DMI -1.79% indicator must rise above 20 level. Only after such signals we'll have confirmation for the breakout and new long opportunity. Profit target for long trades should be near 2800 .00 level.
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