In this time frame, the price is moving in the circuit of a descending channel, but the price is rejected by hitting the strong support range of $1281, which has not been able to fall below this range for a long time, and the formation of a Double Bottom pattern have given. If the price can break the resistance range of the ceiling of the channel upwards, the pattern will be valid and we will expect the price to rise up to the 0.5 and 0.618 Fibonacci ranges. Otherwise, we should see further decline.
Support range: 1281-1189-1079
Resistance range: 1399 - 1535 - 1569
Good Luck
Sanam
Support range: 1281-1189-1079
Resistance range: 1399 - 1535 - 1569
Good Luck
Sanam
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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.