Bearish Channel:
A significant bearish channel is drawn, indicating the overall downward pressure on the price.
Key Resistance Zone:
The resistance zone is marked in purple, spanning from 2320 to 2340. This area includes the R1 pivot level (2337.074) and represents a strong barrier to upward movement.
Potential Scenarios:
The red paths illustrate potential price movements. The first scenario suggests a test of the resistance zone followed by a possible reversal. The second scenario considers a breakout above the resistance, with a retest before moving higher.
Trading Plan:
Short Trades:
Entry: Look for short opportunities if the price tests and reverses from the resistance zone (2320-2340).
Target: Initial target could be around 2310.24 (S1 pivot level), with further targets at lower support levels depending on the price action.
Long Trades:
Entry: Consider long positions if the price breaks above the resistance zone and the bearish trend line.
Target: Potential targets could be around the next resistance levels and pivots, such as 2350 or higher, depending on the strength of the breakout.
Key Levels:
Resistance Zone: 2320-2340
Support Levels: 2310.24 (S1 pivot), 2296.92 (S1 pivot)
A significant bearish channel is drawn, indicating the overall downward pressure on the price.
Key Resistance Zone:
The resistance zone is marked in purple, spanning from 2320 to 2340. This area includes the R1 pivot level (2337.074) and represents a strong barrier to upward movement.
Potential Scenarios:
The red paths illustrate potential price movements. The first scenario suggests a test of the resistance zone followed by a possible reversal. The second scenario considers a breakout above the resistance, with a retest before moving higher.
Trading Plan:
Short Trades:
Entry: Look for short opportunities if the price tests and reverses from the resistance zone (2320-2340).
Target: Initial target could be around 2310.24 (S1 pivot level), with further targets at lower support levels depending on the price action.
Long Trades:
Entry: Consider long positions if the price breaks above the resistance zone and the bearish trend line.
Target: Potential targets could be around the next resistance levels and pivots, such as 2350 or higher, depending on the strength of the breakout.
Key Levels:
Resistance Zone: 2320-2340
Support Levels: 2310.24 (S1 pivot), 2296.92 (S1 pivot)
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.
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.