Key Elements of the Chart:
Fibonacci Retracement Levels:
The chart has Fibonacci retracement levels drawn from a previous high to low move, suggesting that traders are looking at key levels where price may reverse or continue trending.
The 50% retracement level (107.50) is highlighted as a potential resistance zone.
Trendline & Breakout:
A yellow trendline shows an ascending trend in the recent price action.
The price has broken below this trendline, signaling a potential bearish breakout.
Sell Breakout Confirmation:
A label "Sell Breakout" is pointing to the area where price has broken the trendline, indicating that traders may be looking for short (sell) positions below this level.
The price is currently at 106.943, which is just below the 23.6% Fibonacci level (106.987).
Bearish Targets:
First target: Around 106.52, which is the 0% Fibonacci level.
Second target: Around 106.00, extending beyond the Fibonacci retracement zone.
Trading Implications:
Bearish Bias: The breakdown of the trendline suggests selling pressure.
Confirmation Needed: A close below the 106.98 level would strengthen the bearish case.
Potential Resistance: If price retests the 107.39 - 107.50 zone, it could be an entry for short trades.
Fibonacci Retracement Levels:
The chart has Fibonacci retracement levels drawn from a previous high to low move, suggesting that traders are looking at key levels where price may reverse or continue trending.
The 50% retracement level (107.50) is highlighted as a potential resistance zone.
Trendline & Breakout:
A yellow trendline shows an ascending trend in the recent price action.
The price has broken below this trendline, signaling a potential bearish breakout.
Sell Breakout Confirmation:
A label "Sell Breakout" is pointing to the area where price has broken the trendline, indicating that traders may be looking for short (sell) positions below this level.
The price is currently at 106.943, which is just below the 23.6% Fibonacci level (106.987).
Bearish Targets:
First target: Around 106.52, which is the 0% Fibonacci level.
Second target: Around 106.00, extending beyond the Fibonacci retracement zone.
Trading Implications:
Bearish Bias: The breakdown of the trendline suggests selling pressure.
Confirmation Needed: A close below the 106.98 level would strengthen the bearish case.
Potential Resistance: If price retests the 107.39 - 107.50 zone, it could be an entry for short trades.
Note
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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.
For Training visit.
Website wave-trader.com
Website techtradingacademy.com
Slack: wavetraders.slack.com
Telegram: t.me/Wavetraders
X: twitter.com/Wave__Trader
FB: facebook.com/WTimran
Website wave-trader.com
Website techtradingacademy.com
Slack: wavetraders.slack.com
Telegram: t.me/Wavetraders
X: twitter.com/Wave__Trader
FB: facebook.com/WTimran
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.