After a strong bullish run, the market reached a peak and entered a consolidation phase, marked by sideways movement and reduced momentum. This was followed by a break of structure and a clear trend line violation, signaling a shift in momentum from bullish to bearish.
Key Observations:
Consolidation Zone: Price ranged within a horizontal channel before breaking down.
Pullback Rejection: After breaking the trend line, price attempted a pullback but was rejected from the previous support-turned-resistance zone around 3,289.537.
Current Structure: We see price forming lower highs and lower lows, with another rejection from resistance, indicating continued bearish pressure.
Bearish Targets:
1. 3,202 First potential support
2. 3162. Intermediate level
3. 3102. Final bearish target marked with a green arrow
Trade Idea: If price retests and rejects the 3,255.zone (support/resistance flip), this could confirm bearish continuation. Traders can consider short opportunities with proper risk management.
This setup is based purely on price action and technical analysis, with no political implications.
Key Observations:
Consolidation Zone: Price ranged within a horizontal channel before breaking down.
Pullback Rejection: After breaking the trend line, price attempted a pullback but was rejected from the previous support-turned-resistance zone around 3,289.537.
Current Structure: We see price forming lower highs and lower lows, with another rejection from resistance, indicating continued bearish pressure.
Bearish Targets:
1. 3,202 First potential support
2. 3162. Intermediate level
3. 3102. Final bearish target marked with a green arrow
Trade Idea: If price retests and rejects the 3,255.zone (support/resistance flip), this could confirm bearish continuation. Traders can consider short opportunities with proper risk management.
This setup is based purely on price action and technical analysis, with no political implications.
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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.