Current price: 29530
Key point: 29480
Our preferred strategy: Buy positions above 29480 with a first target of 29665 and then a second target of 29950.
Alternative scenario: Stop loss and trend reversal upon breaking the 29425 level, targeting levels of 29335.
Technical commentary
The price managed to break through the descending trend line formed during the current month, above the support level of 29480 and above the 200-period moving average on the four-hour timeframe. The price is expected to continue its upward movement to the 29665 level, and if it breaks through that level, it will head towards the 29950 level.
