SPSETIA - Analysis on potential price movementN wave with E, N & NT projection.
The price is currently above the Kumo, indicating a bullish trend, but it's near a potential resistance zone (NT level).
The cloud (future Kumo) is flat and thin, showing weak support in the future, which could lead to a reversal if momentum weakens.
Tenkan-Sen is above the Kijun-Sen, confirming bullish momentum.
The price has recently broken out from the consolidation, and this cross suggests bullish continuation.
The Chikou Span is slightly above the price, further supporting the bullish momentum.
NT level (0.149): This is the immediate resistance level. A successful close above this could signal continuation towards higher targets.
Immediate support is around 1.30, which aligns with the top of the Kumo. If the price falls below this, the bullish scenario would be invalidated.
Further support can be found around 1.20, the base of the previous consolidation zone.
A breakout and close above the NT level (1.49) could provide a good entry for a long position, targeting the N level (1.62).
Since the price is near a key resistance (NT level), ensure proper risk management by placing a tight stop-loss in case of a false breakout.
Monitor volume closely; a bullish breakout should ideally be accompanied by a spike in volume.
Bullish Scenario: A breakout above NT (1.49) could signal a move toward the N (1.62) and E (1.75) levels.
Bearish Risk: If the price rejects the NT level and falls below the Kumo (1.30), it could invalidate the bullish outlook, potentially triggering a downward move.
Note:
1. Analysis for education purposes only.
2. Trade at your own risk
