- Uptrend: The price appears to be in an uptrend, especially in the most recent period. The price has broken out to the upside and is continuing higher, with higher highs and higher lows.
- Support is visible around the 300.00 level, where price previously consolidated.
- Resistance may emerge near the 330.00 level, where the price is currently approaching.
- The price is trading near the upper Bollinger Band, which may suggest that the market is overbought. However, during strong uptrends, prices can stay near the upper band for an extended period.
- The bands are expanding, indicating increasing volatility, which often accompanies trending markets.
- There has been a noticeable increase in volume during the breakout phases, particularly in July and September. This signals that the current price moves are supported by market participants, adding strength to the trend.
- Consolidation and Breakout: The price experienced a period of sideways movement (consolidation) before breaking out around late August. This suggests that bulls are gaining strength.
- Candlestick Patterns: There seem to be several bullish candlestick formations near the recent lows, supporting the current rally.
- The short-term trend is bullish, with potential for the price to continue rising if it clears the 330.00 level resistance.
- However, as the price is near the upper Bollinger Band, there could be a short-term pullback or consolidation before continuing higher.
- If a retracement occurs, look for support around the moving average or near the 310.00–300.00 range, which aligns with previous consolidation zones.
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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.
➀➁➂➃➄
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.