The highlighted areas represent key support and resistance zones. The blue arrow indicates a consolidation phase that must be broken through to enable further progress, absent any external news developments. Should the $7.60 level fail, we could see a decline towards the lower $6 range, which represents the worst-case scenario. Conversely, a breakout above the $8.80 resistance level/trendline would present a best-case scenario, potentially leading to a retest of the higher high at $9.80.
Ultimately, the price movement will largely depend on any upcoming contract news. Positive developments could drive the price beyond these technical analysis levels. However, in the absence of such news, I am focusing on the immediate levels presented. Best of luck to all!
Ultimately, the price movement will largely depend on any upcoming contract news. Positive developments could drive the price beyond these technical analysis levels. However, in the absence of such news, I am focusing on the immediate levels presented. Best of luck to all!
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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.