Technical Summary:
Trend Channel & Current Price Position:
The price is moving within an upward-sloping channel.
Currently, it is testing the lower trendline support, which is critical for further movement.
Fibonacci Retracement Levels:
0.382 level at 1,196.30 – a common retracement support.
0.5 level at 1,252.15 – another key retracement zone.
1.618 extension at 1,659.35 – potential upside target.
Key Support & Resistance Levels:
Support Levels:
1,252.15 (Fibonacci 50% retracement)
1,196.30 (Fibonacci 38.2% retracement)
Resistance Levels:
1,989.80 (previous high)
2,271.20 (extension target)
RSI Analysis:
RSI is at 36.70, nearing oversold territory.
The RSI moving average is at 51.74, confirming weakened momentum.
Market Trend & Risk:
If the price holds above 1,196 – 1,252, an upward move is possible.
A breakdown below this range may lead to further declines towards lower support (600-442.00).
Suggestions & Possible Corrections:
✅ Bullish Case: If 1,196 – 1,252 support holds, the price may attempt a reversal toward 1,659 – 1,989.
❌ Bearish Risk: If it breaks below 1,196, expect further downside toward 600–442 levels.
🔹 Final Recommendation:
Monitor price action near 1,252 – 1,196 levels for a reversal signal.
Wait for RSI confirmation (above 40) before entering long trades.
Avoid longs if the price breaks below 1,196.
Trend Channel & Current Price Position:
The price is moving within an upward-sloping channel.
Currently, it is testing the lower trendline support, which is critical for further movement.
Fibonacci Retracement Levels:
0.382 level at 1,196.30 – a common retracement support.
0.5 level at 1,252.15 – another key retracement zone.
1.618 extension at 1,659.35 – potential upside target.
Key Support & Resistance Levels:
Support Levels:
1,252.15 (Fibonacci 50% retracement)
1,196.30 (Fibonacci 38.2% retracement)
Resistance Levels:
1,989.80 (previous high)
2,271.20 (extension target)
RSI Analysis:
RSI is at 36.70, nearing oversold territory.
The RSI moving average is at 51.74, confirming weakened momentum.
Market Trend & Risk:
If the price holds above 1,196 – 1,252, an upward move is possible.
A breakdown below this range may lead to further declines towards lower support (600-442.00).
Suggestions & Possible Corrections:
✅ Bullish Case: If 1,196 – 1,252 support holds, the price may attempt a reversal toward 1,659 – 1,989.
❌ Bearish Risk: If it breaks below 1,196, expect further downside toward 600–442 levels.
🔹 Final Recommendation:
Monitor price action near 1,252 – 1,196 levels for a reversal signal.
Wait for RSI confirmation (above 40) before entering long trades.
Avoid longs if the price breaks below 1,196.
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.