Market Structure: Channel Resistance: The price is currently testing the upper boundary of a parallel channel, indicating potential selling pressure near resistance.
Forecast: Sell Opportunity: A rejection from the channel resistance suggests a possible downward move as the price respects the channel pattern.
Key Levels to Watch: Entry Zone: Near the channel resistance area after signs of price rejection. Risk Management: Stop Loss: Placed above the channel resistance to manage risk. Take Profit Zones: Target the midline or lower boundary of the channel for potential downside movement.
Market Sentiment: Bearish Bias: Selling pressure is expected to dominate as long as the price remains below the resistance zone. Monitoring for confirmation signals before entry is advised.
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