Analysis
Trendline Breakout: Recently broke above a downward trendline; potential for bullish momentum.
Support and Resistance: Watch for support near the trendline and next resistance around 25-26 levels. Recent high volatility.
Key Points for Trading:
Entry Point: Consider entering on pullbacks to the trendline if volume confirms.
Risk Management: Set tight stop-losses below the trendline.
Target: Aim for resistance levels at $26,60 and $28,60 for potential profit taking.
Continued Monitoring: Watch price action and volume for sustained breakout strength.
Trend Forecast:
Bullish Bias: Short-term bullish trend possibly forming.
Support Level: Watch for support around the $23 mark.
Resistance Level: Immediate resistance near $25-$26.
Forecast Summary:
Expected Movement: Potential retest of resistance near $25-$26, with pullbacks to support.
Triggers: Earnings reports, market news, or geopolitical events could impact movement.
Risk: Tighten stop-losses to manage risk effectively.
Trendline Breakout: Recently broke above a downward trendline; potential for bullish momentum.
Support and Resistance: Watch for support near the trendline and next resistance around 25-26 levels. Recent high volatility.
Key Points for Trading:
Entry Point: Consider entering on pullbacks to the trendline if volume confirms.
Risk Management: Set tight stop-losses below the trendline.
Target: Aim for resistance levels at $26,60 and $28,60 for potential profit taking.
Continued Monitoring: Watch price action and volume for sustained breakout strength.
Trend Forecast:
Bullish Bias: Short-term bullish trend possibly forming.
Support Level: Watch for support around the $23 mark.
Resistance Level: Immediate resistance near $25-$26.
Forecast Summary:
Expected Movement: Potential retest of resistance near $25-$26, with pullbacks to support.
Triggers: Earnings reports, market news, or geopolitical events could impact movement.
Risk: Tighten stop-losses to manage risk effectively.
Trade closed: stop reached
Breakout failed
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.