📊 Technical Analysis:
Current Market Structure:
The market has been in a downtrend, as shown by the descending trendline and price consistently making lower highs and lower lows.
EMA 70 (Red Line):
Price has been trading below the 70-period EMA, confirming bearish momentum overall. However, price is currently testing a demand zone, which could trigger a bullish reversal.
🟦 Key Zones & Levels:
Demand Zone:
📍 3,319.18 - 3,341.40
This is a strong buying area where price has reacted in the past, providing potential for bullish momentum.
Entry Point:
📍 Around 3,341.40
Suggested long (buy) entry aligned with the lower boundary of the demand zone.
Stop Loss:
📍 3,319.58
Positioned below the demand zone to protect against further downside.
Target Point:
📍 3,407 - 3,412
First major resistance area and potential profit-taking level.
📈 Trading Outlook:
✅ Bullish Reversal Possibility:
Price is reacting within the demand zone.
Break above EMA 70 and trendline could further confirm a reversal.
⚠️ Bearish Risk:
Failure to hold the demand zone could lead to further decline toward 3,300 or lower.
Trend remains bearish until clear breakout of descending structure.
🎯 Summary:
Bias: Bullish reversal setup
Entry: Near 3,341.40 (inside demand zone)
Stop Loss: Below 3,319.58
Target: 3,407 - 3,412
Risk management is crucial as the larger trend remains bearish.
Current Market Structure:
The market has been in a downtrend, as shown by the descending trendline and price consistently making lower highs and lower lows.
EMA 70 (Red Line):
Price has been trading below the 70-period EMA, confirming bearish momentum overall. However, price is currently testing a demand zone, which could trigger a bullish reversal.
🟦 Key Zones & Levels:
Demand Zone:
📍 3,319.18 - 3,341.40
This is a strong buying area where price has reacted in the past, providing potential for bullish momentum.
Entry Point:
📍 Around 3,341.40
Suggested long (buy) entry aligned with the lower boundary of the demand zone.
Stop Loss:
📍 3,319.58
Positioned below the demand zone to protect against further downside.
Target Point:
📍 3,407 - 3,412
First major resistance area and potential profit-taking level.
📈 Trading Outlook:
✅ Bullish Reversal Possibility:
Price is reacting within the demand zone.
Break above EMA 70 and trendline could further confirm a reversal.
⚠️ Bearish Risk:
Failure to hold the demand zone could lead to further decline toward 3,300 or lower.
Trend remains bearish until clear breakout of descending structure.
🎯 Summary:
Bias: Bullish reversal setup
Entry: Near 3,341.40 (inside demand zone)
Stop Loss: Below 3,319.58
Target: 3,407 - 3,412
Risk management is crucial as the larger trend remains bearish.
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join my tellegram channel
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t.me/JaMesGoldFiGhteR786
join my refferal broker
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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.