Key Observations:
Support Zone (Gray Box at ~93.00 Level)
Price recently bounced off this minor support zone, indicating potential buying pressure.
Descending Trendline Resistance (Short-Term Bearish Structure)
Price is still respecting a descending trendline. A confirmed breakout above this trendline could signal further bullish movement.
Key Resistance to Watch: 94.22 - 94.50
The nearest resistance level is around 94.22, marked by previous structure and a potential breakout zone.
Larger Support Zone (~92.50 - Yellow Box)
If price fails to break the descending trendline and drops, the next strong buy area would be around 92.50, a stronger demand zone.
Buying Scenario (Bullish Confirmation)
✅ Entry: Wait for a breakout above the descending trendline and a retest of 93.60 - 93.70.
✅ Target: 94.22 - 94.50 (Short-Term) and 95.50 (Extended Target).
✅ Stop-Loss: Below 92.80 to allow room for volatility.
Risk to Consider (Bearish Rejection)
❌ If price fails to break the trendline, it may drop toward the 92.50 demand zone, offering a better buy entry.
Support Zone (Gray Box at ~93.00 Level)
Price recently bounced off this minor support zone, indicating potential buying pressure.
Descending Trendline Resistance (Short-Term Bearish Structure)
Price is still respecting a descending trendline. A confirmed breakout above this trendline could signal further bullish movement.
Key Resistance to Watch: 94.22 - 94.50
The nearest resistance level is around 94.22, marked by previous structure and a potential breakout zone.
Larger Support Zone (~92.50 - Yellow Box)
If price fails to break the descending trendline and drops, the next strong buy area would be around 92.50, a stronger demand zone.
Buying Scenario (Bullish Confirmation)
✅ Entry: Wait for a breakout above the descending trendline and a retest of 93.60 - 93.70.
✅ Target: 94.22 - 94.50 (Short-Term) and 95.50 (Extended Target).
✅ Stop-Loss: Below 92.80 to allow room for volatility.
Risk to Consider (Bearish Rejection)
❌ If price fails to break the trendline, it may drop toward the 92.50 demand zone, offering a better buy entry.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.