Price is approaching a key supply zone between 41,800 and 42,400, where previous strong selling occurred. A rising wedge pattern is forming, suggesting a potential bearish reversal. If price fails to break above the supply zone and closes below the wedge, a breakdown could lead to a bearish move targeting the demand zone around 39,000–39,300.
Bearish Bias: Watching for rejection and breakdown confirmation for a short setup.
Key Levels:
Supply zone: 41,800 – 42,400
Demand zone: 39,000 – 39,300
Support to watch: 40,600
Bearish Bias: Watching for rejection and breakdown confirmation for a short setup.
Key Levels:
Supply zone: 41,800 – 42,400
Demand zone: 39,000 – 39,300
Support to watch: 40,600
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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.