After reaching the critical resistance zone, the market has pulled back, with the price currently testing the support level at 2400 and the lower border of the upward channel. The double test of this support level suggests that the bears have been unable to push the price lower, indicating a potential turning point. On the daily timeframe, an inside bar formation is developing, indicating consolidation within the previous day's range. I believe that the market may continue to move upward, as the price took a liquidaty below the previous day's low.. If the market bounces off this support level, I expect a retest of the recent resistance zone and a subsequent bullish move. My goal is the resistance zone around 2460
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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.