Timeframe - Weekly

Recommendation - BUY

Entry Point - 154.68

Take Profit - 162.85

Stop Loss - 151.63

Key Levels - 151.63, 154.24, 162.85

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (154.24). One of the previous maximums of Chikou Span line is expected to be a resistance level (157.22).

On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is approaching the price chart from below, current cloud has reversed from ascending to descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (154.61). The closest resistance level is the upper border of the cloud (157.28).

It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (162.85) line and Stop Loss at the level of Kijun-sen line (151.63).