1. Trend Identification
The price is currently in a consolidation phase after a recent downtrend, with potential for reversal based on the projected price movement within the ascending channel.
The 200-period moving average (blue line) is acting as dynamic support. A breakout above it could confirm bullish momentum.
Point of Control (POC) at 86,086.63: This suggests a high liquidity zone where price is likely to react.
2. Key Support & Resistance Levels
Immediate Resistance: 86,000 - 86,500 zone (aligned with POC and previous consolidation).
Immediate Support: 84,000 - 84,500 (current trading range).
Stronger Support: 80,948 (purple line, potential demand zone).
Upside Targets: 90,000 - 95,000 (upper boundary of projected channel).
3. Volume Analysis
The last 60 bars’ volume profile shows selling pressure slightly higher than buying pressure (-5.65%), suggesting potential short-term bearish movement before a bounce.
If price holds above 84,000 and buying volume increases, it strengthens the bullish case.
4. Chart Patterns & Projections
The projected path (red and blue lines) suggests a potential bullish breakout into an ascending channel, targeting 95,000.
A potential double bottom is forming around 84,000, which could act as a reversal signal.
Trade Setups & Risk Management
1. Long Trade Setup (Bullish Scenario)
Entry: Near 84,500 - 85,000 (buying into support).
Stop-Loss: Below 83,800 (to protect against a breakdown).
Targets:
First Target: 86,500 (POC zone).
Second Target: 90,000 (psychological level).
Final Target: 95,000 (upper channel resistance).
Risk-Reward Ratio: At least 1:3 (depending on position sizing).
2. Short Trade Setup (Bearish Breakdown Scenario)
Entry: Below 83,800 (breakdown confirmation).
Stop-Loss: Above 85,000 (previous support turned resistance).
Targets:
First Target: 82,000
Second Target: 80,948 (key support level).
Risk-Reward Ratio: 1:2 or better (depending on volatility).
The price is currently in a consolidation phase after a recent downtrend, with potential for reversal based on the projected price movement within the ascending channel.
The 200-period moving average (blue line) is acting as dynamic support. A breakout above it could confirm bullish momentum.
Point of Control (POC) at 86,086.63: This suggests a high liquidity zone where price is likely to react.
2. Key Support & Resistance Levels
Immediate Resistance: 86,000 - 86,500 zone (aligned with POC and previous consolidation).
Immediate Support: 84,000 - 84,500 (current trading range).
Stronger Support: 80,948 (purple line, potential demand zone).
Upside Targets: 90,000 - 95,000 (upper boundary of projected channel).
3. Volume Analysis
The last 60 bars’ volume profile shows selling pressure slightly higher than buying pressure (-5.65%), suggesting potential short-term bearish movement before a bounce.
If price holds above 84,000 and buying volume increases, it strengthens the bullish case.
4. Chart Patterns & Projections
The projected path (red and blue lines) suggests a potential bullish breakout into an ascending channel, targeting 95,000.
A potential double bottom is forming around 84,000, which could act as a reversal signal.
Trade Setups & Risk Management
1. Long Trade Setup (Bullish Scenario)
Entry: Near 84,500 - 85,000 (buying into support).
Stop-Loss: Below 83,800 (to protect against a breakdown).
Targets:
First Target: 86,500 (POC zone).
Second Target: 90,000 (psychological level).
Final Target: 95,000 (upper channel resistance).
Risk-Reward Ratio: At least 1:3 (depending on position sizing).
2. Short Trade Setup (Bearish Breakdown Scenario)
Entry: Below 83,800 (breakdown confirmation).
Stop-Loss: Above 85,000 (previous support turned resistance).
Targets:
First Target: 82,000
Second Target: 80,948 (key support level).
Risk-Reward Ratio: 1:2 or better (depending on volatility).
Bharat Pandya @ProspireWealth
+91 9624044866
pandyabn76@gmail.com
+91 9624044866
pandyabn76@gmail.com
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.
Bharat Pandya @ProspireWealth
+91 9624044866
pandyabn76@gmail.com
+91 9624044866
pandyabn76@gmail.com
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.