Yello Paradisers, UNFI Analysis: A Crossroads of Potential Moves
💎UNFI appears poised for rejection at the Bearish Order Block (OB) zone, likely retracing back to the daily demand area.
💎Indicator tools suggest that UNFI is currently overbought and displaying bearish divergence on the daily timeframe, signaling a need for a corrective phase before any further upward movement.
For entry strategies, you have two options:
💎Long Position: Wait for UNFI to successfully break and close above the Bearish OB zone. If this occurs, UNFI is likely to consolidate at this level before resuming its upward trajectory towards the next supply level at $13.5.
💎Short Position: Given that UNFI is in the Bearish OB zone and indicators like overbought conditions and bearish divergence support a short position, you could consider entering a short trade now. Close the position if UNFI breaks above the Bearish OB zone, as this would indicate a potential continuation of upward movement.
Choose your strategy wisely based on these potential scenarios.