1. Trend Identification
The price action is currently within a range-bound consolidation phase (highlighted by the blue box), oscillating between 42,600 - 42,800.
A volume profile analysis reveals a strong point of control (POC) at 42,639.47, indicating a key level where most volume has been traded.
There are two potential future scenarios illustrated by the bullish (blue) and bearish (red) channels.
2. Key Support & Resistance Levels
Support Levels:
42,600 (POC & previous demand zone)
42,200 (lower bound of projected bearish channel)
Resistance Levels:
42,800 (current upper range resistance)
43,200 - 43,600 (upper bound of the bullish channel)
3. Chart Patterns & Volume Analysis
Volume Analysis:
The last 60-bar volume comparison shows a slight bullish bias (Up Vol > Down Vol by 1.97%), but the price remains indecisive.
A breakout of the 42,800 resistance or 42,600 support with a volume surge would confirm the next trend direction.
Possible Patterns:
Bearish Scenario: Breakdown below 42,600 may lead to a decline towards 42,200.
Bullish Scenario: Breakout above 42,800 can drive the price to 43,200 - 43,600.
Trade Setups & Risk Management
🔵 Bullish Trade Setup (Breakout Play)
Entry: Above 42,820, upon a confirmed breakout with volume.
Stop-Loss: 42,600 (below POC).
Take-Profit Targets: 43,200, then 43,600 (upper channel).
Risk-Reward Ratio: 1:3
🔴 Bearish Trade Setup (Breakdown Play)
Entry: Below 42,580, upon breakdown with volume.
Stop-Loss: 42,800 (above POC).
Take-Profit Targets: 42,400, then 42,200 (lower channel).
Risk-Reward Ratio: 1:2.5
The price action is currently within a range-bound consolidation phase (highlighted by the blue box), oscillating between 42,600 - 42,800.
A volume profile analysis reveals a strong point of control (POC) at 42,639.47, indicating a key level where most volume has been traded.
There are two potential future scenarios illustrated by the bullish (blue) and bearish (red) channels.
2. Key Support & Resistance Levels
Support Levels:
42,600 (POC & previous demand zone)
42,200 (lower bound of projected bearish channel)
Resistance Levels:
42,800 (current upper range resistance)
43,200 - 43,600 (upper bound of the bullish channel)
3. Chart Patterns & Volume Analysis
Volume Analysis:
The last 60-bar volume comparison shows a slight bullish bias (Up Vol > Down Vol by 1.97%), but the price remains indecisive.
A breakout of the 42,800 resistance or 42,600 support with a volume surge would confirm the next trend direction.
Possible Patterns:
Bearish Scenario: Breakdown below 42,600 may lead to a decline towards 42,200.
Bullish Scenario: Breakout above 42,800 can drive the price to 43,200 - 43,600.
Trade Setups & Risk Management
🔵 Bullish Trade Setup (Breakout Play)
Entry: Above 42,820, upon a confirmed breakout with volume.
Stop-Loss: 42,600 (below POC).
Take-Profit Targets: 43,200, then 43,600 (upper channel).
Risk-Reward Ratio: 1:3
🔴 Bearish Trade Setup (Breakdown Play)
Entry: Below 42,580, upon breakdown with volume.
Stop-Loss: 42,800 (above POC).
Take-Profit Targets: 42,400, then 42,200 (lower channel).
Risk-Reward Ratio: 1:2.5
Bharat Pandya @ProspireWealth
+91 9624044866
pandyabn76@gmail.com
+91 9624044866
pandyabn76@gmail.com
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.
Bharat Pandya @ProspireWealth
+91 9624044866
pandyabn76@gmail.com
+91 9624044866
pandyabn76@gmail.com
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.