Market Structure Breakdown: From Downtrend to Potential Reversal
Trend Analysis
Primary Trend: 📉 Downtrend (recently broken)
The chart shows a clear downward trend with lower highs and lower lows, confirmed by the yellow descending trendline.
Recently, the price broke above the trendline, which could signal a potential trend reversal or consolidation phase.
Current Trend: 📊 Sideways/Range-bound
After the breakout, the price is now consolidating near a resistance level.
If the price sustains above the resistance, it could shift into an uptrend; otherwise, it might retest lower levels.
Support and Resistance Levels
Resistance (Supply Zones):
22,959 (Yellow Line) → Price is facing resistance here, as indicated by multiple rejections.
23,200 Zone (Upper Yellow Area) → Next potential resistance if the price breaks above the current level.
Support (Demand Zones):
22,725-22,785 (Brown Zone) → A demand zone where buyers previously stepped in.
22,600 Zone (Purple Trendline) → Long-term support based on the lower trendline.
Key Levels to Watch:
Breakout above 22,959 → Potential upside towards 23,200.
Rejection at 22,959 → Possible retest of the demand zone at 22,725.
Primary Trend: 📉 Downtrend (recently broken)
The chart shows a clear downward trend with lower highs and lower lows, confirmed by the yellow descending trendline.
Recently, the price broke above the trendline, which could signal a potential trend reversal or consolidation phase.
Current Trend: 📊 Sideways/Range-bound
After the breakout, the price is now consolidating near a resistance level.
If the price sustains above the resistance, it could shift into an uptrend; otherwise, it might retest lower levels.
Support and Resistance Levels
Resistance (Supply Zones):
22,959 (Yellow Line) → Price is facing resistance here, as indicated by multiple rejections.
23,200 Zone (Upper Yellow Area) → Next potential resistance if the price breaks above the current level.
Support (Demand Zones):
22,725-22,785 (Brown Zone) → A demand zone where buyers previously stepped in.
22,600 Zone (Purple Trendline) → Long-term support based on the lower trendline.
Key Levels to Watch:
Breakout above 22,959 → Potential upside towards 23,200.
Rejection at 22,959 → Possible retest of the demand zone at 22,725.
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.