CANDLE MASTER Update!
Here's a breakdown of the analysis idea shown:
Key Elements:
Support Zone (142.40–142.70 area): Price is currently testing this area. It acted as support in the past and may again lead to a bullish bounce.
Resistance Zone (145.00–146.00 area): Marked as a strong resistance area, near the 200 EMA. This would be a potential target if the support holds.
Next Support Zone (around 140.00–140.50): If the current support fails, price could move toward this lower support level.
Moving Averages:
50 EMA (red): Currently above the price, acting as dynamic resistance.
200 EMA (blue): Also above the price, adding confluence to the resistance zone.
Potential Trade Scenarios:
1. Bullish Reversal:
Price holds at current support.
A bounce occurs, and price targets the resistance zone near 145.90.
Entry could be confirmed with bullish candlestick patterns or a break above a local high.
2. Bearish Breakdown:
Price breaks below the current support zone.
Next support target would be around 140.52.
Entry could be considered after a retest of the broken support as resistance.
This is a classical support/resistance setup with confluence from EMAs and price action zones.
Here's a breakdown of the analysis idea shown:
Key Elements:
Support Zone (142.40–142.70 area): Price is currently testing this area. It acted as support in the past and may again lead to a bullish bounce.
Resistance Zone (145.00–146.00 area): Marked as a strong resistance area, near the 200 EMA. This would be a potential target if the support holds.
Next Support Zone (around 140.00–140.50): If the current support fails, price could move toward this lower support level.
Moving Averages:
50 EMA (red): Currently above the price, acting as dynamic resistance.
200 EMA (blue): Also above the price, adding confluence to the resistance zone.
Potential Trade Scenarios:
1. Bullish Reversal:
Price holds at current support.
A bounce occurs, and price targets the resistance zone near 145.90.
Entry could be confirmed with bullish candlestick patterns or a break above a local high.
2. Bearish Breakdown:
Price breaks below the current support zone.
Next support target would be around 140.52.
Entry could be considered after a retest of the broken support as resistance.
This is a classical support/resistance setup with confluence from EMAs and price action zones.
Trade closed: target reached
As I analysed the chart now market touched the resistance point and working well hope you taked profits and benefits from my analysis stay in touched for more good setups very soon I will share another analyse KEEP SUPPORT MY ANALYSIS
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﷽ᴡᴇʟᴄᴏᴍᴇ ᴛᴏ MY CANDLE MASTER CHANNEL Join my vip channel.
t.me/Fxhenry222
t.me/Brook0953
t.me/Fxhenry222
t.me/Brook0953
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.