Based on our technical analysis, the asset is currently in a well-defined bullish structure, with price action suggesting an upward movement from 2595 to 3020. Several confluences, including trend strength, key support-resistance levels, and technical indicators, reinforce this bullish outlook.
Key Technical Levels
Primary Support Zone (2595-2620):
This region has historically acted as a demand zone, where buyers have consistently stepped in to push the price higher.
A price rejection from this level indicates a strong accumulation phase.
Intermediate Resistance (2730-2750):
A significant short-term resistance zone, where price may experience temporary consolidation.
If this level is breached with strong volume, it could confirm further upside potential.
Main Resistance Zone (3020 - Key Target Level):
A major supply zone where price has previously struggled to sustain gains.
If momentum remains strong, this could be the next key level to watch.
Technical Indicators & Price Momentum
Trend Structure:
The price has been forming higher lows, indicating sustained buying interest.
The market structure remains bullish as long as price stays above the 2595 support level.
Moving Averages:
50-Day MA is sloping upwards and providing dynamic support, confirming short-term bullish momentum.
200-Day MA remains in an uptrend, indicating a long-term bullish bias.
RSI (Relative Strength Index):
Currently positioned in the 55-60 range, suggesting positive momentum but still has room to push higher before reaching the overbought zone (>70).
If RSI surpasses 65, it would further confirm buying strength.
MACD (Moving Average Convergence Divergence):
A bullish crossover is evident, signaling increasing upside momentum.
The histogram is expanding, further reinforcing the positive trend.
Volume Analysis:
Recent bullish moves have been supported by higher-than-average volume, which indicates institutional participation.
If volume remains strong, it increases the likelihood of a successful breakout beyond 2750 toward 3020.
Market Sentiment & Potential Scenarios
The overall sentiment remains bullish, as institutional buying pressure is observed near support zones.
The market is forming a higher timeframe bullish continuation pattern, which, if confirmed, could lead to further price appreciation.
A clean break above 2750 with increasing volume would act as a catalyst for further gains toward 3020.
Conclusion
The Brokerir Technical Team has identified a strong bullish structure supported by key technical indicators. As long as the 2595 support holds and price maintains momentum above 2750, the 3020 target remains achievable. However, traders should remain aware of macroeconomic factors and market volatility that may impact price movements.
Key Technical Levels
Primary Support Zone (2595-2620):
This region has historically acted as a demand zone, where buyers have consistently stepped in to push the price higher.
A price rejection from this level indicates a strong accumulation phase.
Intermediate Resistance (2730-2750):
A significant short-term resistance zone, where price may experience temporary consolidation.
If this level is breached with strong volume, it could confirm further upside potential.
Main Resistance Zone (3020 - Key Target Level):
A major supply zone where price has previously struggled to sustain gains.
If momentum remains strong, this could be the next key level to watch.
Technical Indicators & Price Momentum
Trend Structure:
The price has been forming higher lows, indicating sustained buying interest.
The market structure remains bullish as long as price stays above the 2595 support level.
Moving Averages:
50-Day MA is sloping upwards and providing dynamic support, confirming short-term bullish momentum.
200-Day MA remains in an uptrend, indicating a long-term bullish bias.
RSI (Relative Strength Index):
Currently positioned in the 55-60 range, suggesting positive momentum but still has room to push higher before reaching the overbought zone (>70).
If RSI surpasses 65, it would further confirm buying strength.
MACD (Moving Average Convergence Divergence):
A bullish crossover is evident, signaling increasing upside momentum.
The histogram is expanding, further reinforcing the positive trend.
Volume Analysis:
Recent bullish moves have been supported by higher-than-average volume, which indicates institutional participation.
If volume remains strong, it increases the likelihood of a successful breakout beyond 2750 toward 3020.
Market Sentiment & Potential Scenarios
The overall sentiment remains bullish, as institutional buying pressure is observed near support zones.
The market is forming a higher timeframe bullish continuation pattern, which, if confirmed, could lead to further price appreciation.
A clean break above 2750 with increasing volume would act as a catalyst for further gains toward 3020.
Conclusion
The Brokerir Technical Team has identified a strong bullish structure supported by key technical indicators. As long as the 2595 support holds and price maintains momentum above 2750, the 3020 target remains achievable. However, traders should remain aware of macroeconomic factors and market volatility that may impact price movements.
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Disclaimer
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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.