Structure: The chart displays a rising wedge formation, which is generally a bearish pattern, but in this context, it appears to be approaching the upper boundary of the wedge. The chart also highlights a Fibonacci retracement zone (between the 0.5 and 0.618 levels) where a potential entry point could occur. The price has been consolidating within this wedge, and there seems to be a potential breakout scenario developing.
Trade Setup: The trade idea here appears to be a potential breakout to the upside. The target price is projected within the green area, above 18,800 points, aiming for a continuation of the current bullish momentum. The stop loss is strategically placed below 17,526 points in the red area, to protect against a possible bearish reversal if the wedge fails to hold.
Trade Setup: The trade idea here appears to be a potential breakout to the upside. The target price is projected within the green area, above 18,800 points, aiming for a continuation of the current bullish momentum. The stop loss is strategically placed below 17,526 points in the red area, to protect against a possible bearish reversal if the wedge fails to hold.
Trade closed: target reached
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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.