The chart highlights key support and resistance zones, potential price movement, and entry/exit levels.
Key Observations:
1. Support Zone (Red):
Price is currently near a significant support area around 70.4 - 71.1.
A potential bounce from this level is expected.
2. Resistance Zone (Green):
The first target resistance lies around 71.9 - 72.7, which may act as a reaction zone.
3. Projected Price Movement:
A possible liquidity grab within the support zone before an upward push.
The ultimate target is around 76.8, aligning with a strong resistance level.
4. Risk Considerations:
A breakdown below 70.4 may invalidate the bullish outlook.
Proper risk management is essential, considering market volatility.
This analysis suggests a bullish reversal if the support holds, with a potential rally towards 76.8. However, traders should monitor price action closely for confirmation.
Key Observations:
1. Support Zone (Red):
Price is currently near a significant support area around 70.4 - 71.1.
A potential bounce from this level is expected.
2. Resistance Zone (Green):
The first target resistance lies around 71.9 - 72.7, which may act as a reaction zone.
3. Projected Price Movement:
A possible liquidity grab within the support zone before an upward push.
The ultimate target is around 76.8, aligning with a strong resistance level.
4. Risk Considerations:
A breakdown below 70.4 may invalidate the bullish outlook.
Proper risk management is essential, considering market volatility.
This analysis suggests a bullish reversal if the support holds, with a potential rally towards 76.8. However, traders should monitor price action closely for confirmation.
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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.
Unlock Market Insights! 🚀
Join our Telegram for expert analysis, free trading signals & real-time updates. Stay ahead in the game.👇
t.me/OliviaGrace_0
Join our Telegram for expert analysis, free trading signals & real-time updates. Stay ahead in the game.👇
t.me/OliviaGrace_0
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.