The chart shows a strong prior downtrend that has halted and transitioned into a consolidation phase, forming a clear trading range between the marked support and resistance zones, where the lower zone acts as key support preventing further decline, while the upper zone serves as strong resistance limiting upward movement, meaning the price is likely to continue fluctuating within this range until a decisive breakout occurs, with a break above resistance potentially signaling further growth and a drop below support possibly triggering additional declines; however, caution is needed in the event of a breakout due to multiple touches of these zones, as a false breakout could mislead traders and result in a swift price reversal back into the existing range.
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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.