Now price is at a Major level - if a healthy breakout happens, its most likely to take the price to higher levels.
also, Possible for a retracement to 49 levels.. and if sustain this level most likely to move as drown in the chart.
This Analysis Is Done Only For Educational Purpose, Never Invest Or Trade based on this. I have all the rights to be wrong on my views :) TraderMonk :)
@Tom4447, One fundamental thing about my analysis is I never try to predict the market. for me - Its a game of probabilities.
here are my views..
1. 62 is a resistance level. Price is respecting that level and last Friday(on 21st Aug) a in decision candle formed at this level.
2. there was a longterm down trend which started from ( 31st OCT 2018) drawn as white trendline. this terndline got broken - which indicates another trend may start. which can be a up trend or a sideways trend ( or even a downtrend again which is less probable). to act on this view - price must close above 62.30.. ( we can take as 63) that did not happen on last Friday.
3. I can see a left inverted shoulder and a head- Right shoulder formation is not yet happen. and may or may not happen. if Monday price is closing below 62, most probably price test 50 area in some days. if this happen, the right shoulder formation also will happen.