My Analysis
1. Market Structure:
The chart clearly highlights a Resistance Zone at 97,301 and a Support Zone at 90,796. The current price is fluctuating between these two key levels, indicating a range-bound market.
2. Resistance:
The 97,301 level acts as a strong resistance zone.
If the price fails to break this level, it presents an opportunity for a sell position.
In the case of a breakout, the price could move higher, but confirmation is essential.
3. Support:
The 90,796 level is a strong support zone where the price is likely to halt or reverse.
If this zone breaks, the price could drop further toward 89,000 or lower.
4. Potential Price Movement:
The zig-zag lines on the chart depict a classic retracement and consolidation pattern.
The current market structure suggests that the price might retest the resistance and potentially move downward.
A break below 94,077.6 could lead the price gradually toward 90,796.
5. Trading Strategy:
Sell at Resistance:
If the price tests and rejects the resistance level, a sell entry can be taken.
Place the stop-loss slightly above the resistance.
Buy at Support:
If the price reaches the support level and shows strong reversal signals, consider a buy entry.
Place the stop-loss slightly below the support.
6. Risk Management:
Do not risk more than 1-2% of your capital on a single trade.
Wait for breakouts and confirmatory signals before entering a trade.
This professional approach ensures better decision-making and minimizes unnecessary risks.
"Join our official Telegram channel to receive in-depth analysis and free trading signals.👇"
t.me/Trade_with_Olivia_Grace
t.me/Trade_with_Olivia_Grace
"Join our official Telegram channel to receive in-depth analysis and free trading signals.👇"
t.me/Trade_with_Olivia_Grace
t.me/Trade_with_Olivia_Grace
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.