After a long period of price compression within a parallel descending channel we have now witnessed a Break of Structure (BOS) to the upside, signaling a potential trend reversal
Key Observations
Parallel Channel Breakout The price broke out of the descending channel with strong bullish momentum.
BOS (Break of Structure): Confirmed at the lower end, initiating a shift in market sentiment.
Consolidation Zone Price is currently ranging between 148.45 and 157.53 building strength for the next move
Support Levels: Key support zones identified at 142.40, 136.75, and 129.89
Resistance Levels: Potential targets sit at 157.53, 165.80, and 178.51
Possible Scenarios
1. Bullish Breakout Scenario
If price holds above 148.45 and breaks out of the current consolidation zone, we may see a strong push towards 157.53, then 165.80, and potentially 178.51.
Ideal entries could be sought on a confirmed breakout retest of the 148.45–157.53 zone.
2. Bearish Pullback Scenario:
If price fails to hold 148.45, we may revisit the support zones, especially 142.40 and 136.75, for possible buy opportunities from lower.
Key Observations
Parallel Channel Breakout The price broke out of the descending channel with strong bullish momentum.
BOS (Break of Structure): Confirmed at the lower end, initiating a shift in market sentiment.
Consolidation Zone Price is currently ranging between 148.45 and 157.53 building strength for the next move
Support Levels: Key support zones identified at 142.40, 136.75, and 129.89
Resistance Levels: Potential targets sit at 157.53, 165.80, and 178.51
Possible Scenarios
1. Bullish Breakout Scenario
If price holds above 148.45 and breaks out of the current consolidation zone, we may see a strong push towards 157.53, then 165.80, and potentially 178.51.
Ideal entries could be sought on a confirmed breakout retest of the 148.45–157.53 zone.
2. Bearish Pullback Scenario:
If price fails to hold 148.45, we may revisit the support zones, especially 142.40 and 136.75, for possible buy opportunities from lower.
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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.