Overview:
Price has successfully broken out of a long period of consolidation, pushing above the descending trend line and showing strong bullish momentum. We're now observing a retest of the breakout zone, which is acting as support around 3,378 – 3,365 USD.
Key Observations:
Consolidation Phase: Price was range-bound for several days, creating a strong base.
Breakout Confirmation: A clean break above the trend line with momentum.
Retest in Play: Price is now pulling back to retest the support/resistance flip zone (3,377.
Scenarios to Watch:
Bullish Continuation: If the support holds, price could rally toward the next resistance zones at 3,435 and 3,478 USD.
Deeper Pullback: If support breaks, look for possible re-entries near 3,365 USD before a potential bounce.
Trading Plan:
Long entries around 3,378 with stops below 3,365.
Targets: 3,435 (TP1) and 3,478 (TP2).
Wait-and-see approach if support fails—look for signs of demand at lower levels.
Conclusion:
This setup presents a solid opportunity for trend continuation, especially if the retest holds. Manage risk accordingly and watch how price reacts to the support zone.
Price has successfully broken out of a long period of consolidation, pushing above the descending trend line and showing strong bullish momentum. We're now observing a retest of the breakout zone, which is acting as support around 3,378 – 3,365 USD.
Key Observations:
Consolidation Phase: Price was range-bound for several days, creating a strong base.
Breakout Confirmation: A clean break above the trend line with momentum.
Retest in Play: Price is now pulling back to retest the support/resistance flip zone (3,377.
Scenarios to Watch:
Bullish Continuation: If the support holds, price could rally toward the next resistance zones at 3,435 and 3,478 USD.
Deeper Pullback: If support breaks, look for possible re-entries near 3,365 USD before a potential bounce.
Trading Plan:
Long entries around 3,378 with stops below 3,365.
Targets: 3,435 (TP1) and 3,478 (TP2).
Wait-and-see approach if support fails—look for signs of demand at lower levels.
Conclusion:
This setup presents a solid opportunity for trend continuation, especially if the retest holds. Manage risk accordingly and watch how price reacts to the support zone.
Trade active
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Disclaimer
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🔥 Join Now for Free
t.me/JackMastermindGT
📢 Join My Telegram channel Daily Free Signals Vip Group available Daily Signals XAUUSD BTCUSD USOIL 3/4 confirm Join VIP Group Accuracy 85%+
🔥 Join Now for Free: t.me/JackMastermindGT
t.me/JackMastermindGT
📢 Join My Telegram channel Daily Free Signals Vip Group available Daily Signals XAUUSD BTCUSD USOIL 3/4 confirm Join VIP Group Accuracy 85%+
🔥 Join Now for Free: t.me/JackMastermindGT
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.