The 2960 zone is the first target, offering the potential for a moderate downside move. Here's why:
Previous Support: The 2960 level has acted as support in the past, with price bouncing upward several times from this region. If the sell-off begins from 3065, we could expect the price to dip toward this support area before encountering potential buying interest.
Trend Reversal Confirmation: A break below 3065 and a move towards 2960 would confirm that the bullish trend is weakening, and the market is shifting toward a more bearish bias.
Liquidity Zone: In addition to being a support level, 2960 is also a liquidity zone where traders may look to book profits or enter long positions. As a result, the market may pause or consolidate at this level before deciding whether to continue lower.
Previous Support: The 2960 level has acted as support in the past, with price bouncing upward several times from this region. If the sell-off begins from 3065, we could expect the price to dip toward this support area before encountering potential buying interest.
Trend Reversal Confirmation: A break below 3065 and a move towards 2960 would confirm that the bullish trend is weakening, and the market is shifting toward a more bearish bias.
Liquidity Zone: In addition to being a support level, 2960 is also a liquidity zone where traders may look to book profits or enter long positions. As a result, the market may pause or consolidate at this level before deciding whether to continue lower.
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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.
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.