📊
🕰️ Timeframe: 30-minute chart
🔍 Pattern: Falling wedge breakout
📉 Previous Trend: Sharp sell-off
🔁 Setup: Reversal from demand zone with breakout confirmation
🧩 Technical Breakdown:
Support Zone:
Around $57.00 (highlighted with pink & white lines)
Retesting prior breakout + holding demand zone
Resistance / Target Zones:
TP1: $58.92 (orange line – minor resistance)
TP2: $60.69 (green line – major resistance)
Entry:
Ideal near $57.00–$57.50, post-breakout candle (as seen on chart with blue circle)
Stop Loss:
Below recent low: around $56.00 (under pink trendline and horizontal support)
Risk-Reward Ratio:
~1:2+ depending on stop placement and exit at TP2
⚠️ What to Watch:
Volume confirmation on breakout (not shown in image but crucial)
Price retesting wedge breakout and holding above $57.00
Market sentiment and overall sector performance
✅ Summary:
This is a bullish reversal trade off a key support zone with a clean breakout from a falling wedge. Holding above $57 confirms buyers are stepping in. Room to run up to $60.69 if momentum builds.
🕰️ Timeframe: 30-minute chart
🔍 Pattern: Falling wedge breakout
📉 Previous Trend: Sharp sell-off
🔁 Setup: Reversal from demand zone with breakout confirmation
🧩 Technical Breakdown:
Support Zone:
Around $57.00 (highlighted with pink & white lines)
Retesting prior breakout + holding demand zone
Resistance / Target Zones:
TP1: $58.92 (orange line – minor resistance)
TP2: $60.69 (green line – major resistance)
Entry:
Ideal near $57.00–$57.50, post-breakout candle (as seen on chart with blue circle)
Stop Loss:
Below recent low: around $56.00 (under pink trendline and horizontal support)
Risk-Reward Ratio:
~1:2+ depending on stop placement and exit at TP2
⚠️ What to Watch:
Volume confirmation on breakout (not shown in image but crucial)
Price retesting wedge breakout and holding above $57.00
Market sentiment and overall sector performance
✅ Summary:
This is a bullish reversal trade off a key support zone with a clean breakout from a falling wedge. Holding above $57 confirms buyers are stepping in. Room to run up to $60.69 if momentum builds.
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.