Overall Trend:
The overall trend has been bullish, but there has been a breakout below the ascending trendline.
The price is currently retracing towards support zones.
Key Levels:
Main Resistance: Range between 45,208 - 45,300 (upper red zone)
Main Support: Range between 44,300 - 44,500 (lower red zone)
Important Mid-Level: Around 44,866
Trading Scenario:
After hitting resistance, the price has started a correction.
The highlighted green area marks a potential entry zone.
📉 Trading Signal:
🔹 Enter Short Position:
If the price pulls back to the 44,600 - 44,700 area and shows signs of bullish weakness, a short position could be considered.
🔹 Stop Loss:
Above the resistance zone at 45,208 (e.g., around 45,300)
🔹 Take Profit:
First level at 44,300
Second level at 43,663 (shown on the chart)
Third level at 43,140 if the downtrend continues
🔹 Risk Management:
The risk-to-reward ratio for this trade seems reasonable. Reassess the trade if the price breaks above 44,866.
✅ Conclusion:
Currently expecting a bearish correction, but if reversal candles or weakness in sellers are observed at support levels, there might be a chance for a trend change.
The overall trend has been bullish, but there has been a breakout below the ascending trendline.
The price is currently retracing towards support zones.
Key Levels:
Main Resistance: Range between 45,208 - 45,300 (upper red zone)
Main Support: Range between 44,300 - 44,500 (lower red zone)
Important Mid-Level: Around 44,866
Trading Scenario:
After hitting resistance, the price has started a correction.
The highlighted green area marks a potential entry zone.
📉 Trading Signal:
🔹 Enter Short Position:
If the price pulls back to the 44,600 - 44,700 area and shows signs of bullish weakness, a short position could be considered.
🔹 Stop Loss:
Above the resistance zone at 45,208 (e.g., around 45,300)
🔹 Take Profit:
First level at 44,300
Second level at 43,663 (shown on the chart)
Third level at 43,140 if the downtrend continues
🔹 Risk Management:
The risk-to-reward ratio for this trade seems reasonable. Reassess the trade if the price breaks above 44,866.
✅ Conclusion:
Currently expecting a bearish correction, but if reversal candles or weakness in sellers are observed at support levels, there might be a chance for a trend change.
Trade closed: target reached
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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.
Related publications
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.