Bearish Breakdown with Support Retest – Key Levels in Play
This chart appears to be a price action analysis of a financial instrument, possibly gold (XAU/USD) or a similar asset, on a short-term timeframe.
Key Observations:
Support and Resistance Zones:
Green Zones: These represent support levels where buyers may step in.
Red Zones: Indicate resistance levels where selling pressure is expected.
Blue Dotted Lines: Act as key horizontal support/resistance levels.
Price Movement & Breakout:
The price initially traded within a range but later broke below a key support level around 2,913.461.
A bearish move followed, with the price testing lower levels near 2,906.652.
The green highlighted area suggests a previous support zone, which failed to hold.
Volume Analysis:
There is an increase in trading volume, indicating strong selling pressure.
The red volume bars at the bottom show aggressive selling activity.
Trade Setup:
A short position seems to have been executed after price retested the broken support zone.
The yellow labels (2,909.054 & 2,906.652) may indicate entry and target points.
The stop loss might have been placed above the broken support.
Next Possible Moves:
If the price holds above 2,906.370, there could be a bounce back.
However, if bearish momentum continues, the next key support zone around 2,900 - 2,902 might be tested.
Conclusion:
Bearish Bias: The price broke support and is trending downward with strong selling volume.
Key Levels to Watch: 2,906.370 as immediate support and 2,913.461 as resistance.
Potential Trade Idea: If the price fails to recover above resistance, further downside could be expected.
Key Observations:
Support and Resistance Zones:
Green Zones: These represent support levels where buyers may step in.
Red Zones: Indicate resistance levels where selling pressure is expected.
Blue Dotted Lines: Act as key horizontal support/resistance levels.
Price Movement & Breakout:
The price initially traded within a range but later broke below a key support level around 2,913.461.
A bearish move followed, with the price testing lower levels near 2,906.652.
The green highlighted area suggests a previous support zone, which failed to hold.
Volume Analysis:
There is an increase in trading volume, indicating strong selling pressure.
The red volume bars at the bottom show aggressive selling activity.
Trade Setup:
A short position seems to have been executed after price retested the broken support zone.
The yellow labels (2,909.054 & 2,906.652) may indicate entry and target points.
The stop loss might have been placed above the broken support.
Next Possible Moves:
If the price holds above 2,906.370, there could be a bounce back.
However, if bearish momentum continues, the next key support zone around 2,900 - 2,902 might be tested.
Conclusion:
Bearish Bias: The price broke support and is trending downward with strong selling volume.
Key Levels to Watch: 2,906.370 as immediate support and 2,913.461 as resistance.
Potential Trade Idea: If the price fails to recover above resistance, further downside could be expected.
Trade active
Bearish Breakdown: Price has broken key support at 2,913.461 and is trending downward.Support Levels to Watch: Immediate support at 2,906.370; next major support around 2,900 - 2,902.
Trade closed: stop reached
JOIN OUR VIP TELEGRAM CHANNEL 👇
t.me/AK_GoldTradersignals
t.me/AK_GoldTradersignals
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.
JOIN OUR VIP TELEGRAM CHANNEL 👇
t.me/AK_GoldTradersignals
t.me/AK_GoldTradersignals
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.