Technical Overview:
Price is currently trading around the $3,204 level, right below a key resistance zone of $3,245–$3,255, which aligns with the midline of the descending parallel channel.
This zone has historically acted as a strong resistance. If price retests and rejects this level again, we can expect a significant bearish move.
However, a clean breakout above $3,255 followed by a successful retest and hold would shift the bias to bullish, potentially targeting the upper boundary of the channel near $3,360.
The weekly candle closed below $3,240 with strong bearish momentum (notable red volume), signaling a potential continuation of the downtrend next week.
Trading Plan for Next Week:
🟥 Bearish Bias (Preferred Scenario)
Entry: If price retests $3,245–$3,255 zone and shows strong rejection (e.g. bearish engulfing or wick rejections).
Target 1: $3,200
Target 2: $3,145
Target 3: $3,100
Stop Loss: Above $3,270
🟩 Bullish Scenario (Breakout Confirmation)
Entry: If price breaks and holds above $3,255, and confirms with a bullish retest.
Target 1: $3,300
Target 2: $3,345 (channel top)
Stop Loss: Below $3,230
Summary:
Your preferred bias should remain bearish unless price clearly breaks and holds above the $3,255 resistance zone. Trade based on confirmation, not anticipation.
Kindly show support, like and comment.
Price is currently trading around the $3,204 level, right below a key resistance zone of $3,245–$3,255, which aligns with the midline of the descending parallel channel.
This zone has historically acted as a strong resistance. If price retests and rejects this level again, we can expect a significant bearish move.
However, a clean breakout above $3,255 followed by a successful retest and hold would shift the bias to bullish, potentially targeting the upper boundary of the channel near $3,360.
The weekly candle closed below $3,240 with strong bearish momentum (notable red volume), signaling a potential continuation of the downtrend next week.
Trading Plan for Next Week:
🟥 Bearish Bias (Preferred Scenario)
Entry: If price retests $3,245–$3,255 zone and shows strong rejection (e.g. bearish engulfing or wick rejections).
Target 1: $3,200
Target 2: $3,145
Target 3: $3,100
Stop Loss: Above $3,270
🟩 Bullish Scenario (Breakout Confirmation)
Entry: If price breaks and holds above $3,255, and confirms with a bullish retest.
Target 1: $3,300
Target 2: $3,345 (channel top)
Stop Loss: Below $3,230
Summary:
Your preferred bias should remain bearish unless price clearly breaks and holds above the $3,255 resistance zone. Trade based on confirmation, not anticipation.
Kindly show support, like and comment.
Trade active
Perfect bullish setup, shared on weekend for swing traders. As soon as the 3255 breaks, it has now easily reached at 3300 at our first target. Now, trail next target which is 3345.
Trade closed: target reached
This swing trade has reached to it's target second and final target i.e. 3345, now you can close all of your positions. 900 pips swing trade in one go.
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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.
✅Free Telegram
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
t.me/+6YQX9c4-BiQ2M2M8
Twitter 👇
twitter.com/QuinnGoldTrader
Related publications
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.