As you see in the chart, current trend is clearly bearish within a well-defined descending channel. Price is making lower highs and lower lows, respecting both channel borders. After 2 days upward swing, price is near the top of the descending channel (around 653), testing the upper boundary. That area aligns with the red resistance zone — a strong supply area. The last candles are forming small-bodied candles with upper wicks near resistance; indicates buyer exhaustion. Potential for a bearish engulfing or rejection wick, which would confirm a short entry.
Trade Plan Suggestion:
Enter: 653-655
Tp1: 640
Tp2: 630
TP3: 607
SL: 663
** Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Trade Plan Suggestion:
Enter: 653-655
Tp1: 640
Tp2: 630
TP3: 607
SL: 663
** Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
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.