The market has been in an uptrend, moving within a parallel channel.
There are multiple Breaks of Structure (BOS) indicating bullish momentum.
The price has reached the upper resistance and is showing signs of rejection.
A potential bearish move is expected towards the lower support area.
The marked zone suggests a sell-off might occur after price breaks below the local support.
If the price follows the projected move, it could decline towards the 3,107 - 3,108 zone before finding support. However, if it reclaims the resistance level, the uptrend may continue.
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There are multiple Breaks of Structure (BOS) indicating bullish momentum.
The price has reached the upper resistance and is showing signs of rejection.
A potential bearish move is expected towards the lower support area.
The marked zone suggests a sell-off might occur after price breaks below the local support.
If the price follows the projected move, it could decline towards the 3,107 - 3,108 zone before finding support. However, if it reclaims the resistance level, the uptrend may continue.
Support us by liking,sharing and following.
if you have any thoughts about analysis,drop in the comments.
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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.
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.