480 is the last zone where bears will continue to push prices down as we saw this week. If that key zone is taken out you can expect bears to close out and get stopped out and you can expect buyers sitting on the sidelines to join, causing a rally to possibly 540 area. If bears win, bulls will get trapped if 450 is taken out and you can expect a rally down to 422 again and depending on momentum possibly lower to continue the downtrend.
Note
Long at 480 stop loss 450. short term targets: 518, 540
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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.