1. THE RED LINE: this is the line on which the price has been reacting and now is acting as a resistance line.
2. THE PURPLE LINE: lont-term support and resistance line which is acting as resistance.
3. THE YELLOW LINE: the most important trend line that is been touched for the 3rd time since March 9th 20.
4. EMA 200: if we look at the daily timeframe, the chart recently reached and touched the EMA 200 from below (consider it as another strong resistance)
if we put them together, we have an elliptic zone, concentrated by 4 important resistance.
if the price could get rid of the zone from above, we will look for a pullback, then long.
2. THE PURPLE LINE: lont-term support and resistance line which is acting as resistance.
3. THE YELLOW LINE: the most important trend line that is been touched for the 3rd time since March 9th 20.
4. EMA 200: if we look at the daily timeframe, the chart recently reached and touched the EMA 200 from below (consider it as another strong resistance)
if we put them together, we have an elliptic zone, concentrated by 4 important resistance.
if the price could get rid of the zone from above, we will look for a pullback, then long.