Bearish Case
Downside Targets:
Bullish Case
Short-term bias: Bearish unless price stabilizes above $223.
Key levels to watch:
Trading Strategy:
- Breakdown Below $223.52: Key support lost, confirming a downtrend.
- RSI (32.65): Near oversold but no rebound yet.
- Stochastic (5.60): Oversold but no bullish crossover.
Downside Targets:
- $187.65: Next support.
- $135.15: Major historical support if further decline continues.
Bullish Case
- Oversold Conditions: If RSI drops below 30, a reversal bounce could occur.
- Trendline Support: Long-term trendline near $180 could trigger a bounce.
- Short-Covering Potential: Reclaiming $223-$235 may drive a push to $256-$267.
- Selling Pressure: High volume at $223-$235, reclaiming is crucial for bulls.
- Strong Support: I likely at $180-$187.
- 50-day MA ($267) below 200-day MA ($322) – death cross confirms downtrend.
- Shorter EMAs declining, reinforcing bearish bias.
Short-term bias: Bearish unless price stabilizes above $223.
Key levels to watch:
- Downside: $187 → $180 → $135.
- Upside (if reversal happens): $223 → $235 → $267.
Trading Strategy:
- Bulls: Look for support confirmation at $180-$187.
- Bears: Watch for rejection at $223-$235 to continue short bias
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.
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.