Multi week support trend line finally broken

١٩ أبريل ٢٠٢٣

Ok, the blue trendline that's been holding since March 13th is finally broken. We see it broke after smaller rising wedge has been formed. I expect the price to retreat all the way back to 3990, which is 38.2% fib retracement level from the move that started on March 13th, when the trend line started, but still above the 200MA.

Stop loss: 4208
Take profit: 3990
Risk reward ratio: 1:3