The most significant signal of the previous trading sessions was the intersection of the Tenkan and Kijun lines, which is considered as a signal of a change in trend in the market.
The current situation
Let’s carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The market price remains above the Tenkan and the Kijun lines, indicating a prevailing positive market sentiment.
The dynamics of price movement over a longer distance is determined by the Kumo cloud, which is now colored orange. Thus, this signal prioritizes the upward vector of price movement in the future.
Currently, the Kumo cloud lines represent a dynamic support area for price.
Trading recommendations:
Dynamic support levels are seen at the Tenkan line near 7528.10, the Kijun line around 7524.36, the SenkouA line near 7525.52, and the SenkouB line around 7480.17.
Based on the results of the analysis, most technical indicators of the Ichimoku system indicate an upcoming price increase. Therefore, intraday it is worth prioritize the long positions that can be considered from the defined support levels.
