4-Hour Frame Analysis (H4):
1. General Trend:
The trend is upward and clear, with the formation of higher highs and higher lows.
2. Moving Averages (MA):
The price is above the MA(5) and MA(10), indicating strong momentum in the short term.
3. Bollinger Bands (BOLL):
The price has exited the upper band of the Bollinger, which often indicates either a strong breakout or the beginning of overbought conditions (should be monitored with RSI and Volume).
4. RSI:
If it approaches or exceeds 70, this indicates overbought conditions, and we may see some pullback or consolidation before continuing to rise.
Daily Frame Analysis (Daily):
1. General Trend:
Also upward, confirming the breakout of previous resistances.
There are no clear technical resistances until 700 – 710, providing a good room for upward movement.
2. Strong Support Level:
660 – 670 is a strong support area (approximately the middle of the daily Bollinger).
3. Nearby Resistance Level:
700 – 705 is considered psychological and technical resistance (First Target).
Summary and Strategy:
Entry:
Either now with a small portion, or after breaking 692.5 with stability on the 4-hour frame.
Price Targets (TP):
TP1: 700
TP2: 710 – 715
TP3 (if strong momentum continues): 730
Stop Loss (SL):
SL below 675 or 680 (depending on risk level).