Key Observations:
Strong Bullish Momentum (Preceding the current candle):
There was a significant bullish move leading up to 15:00, with large green candles pushing price from around 40,570 to 40,770.
This sharp upward move could be news-driven or reacting to a key level.
Current Candle Showing Rejection:
The latest 5-minute candle (red) shows a possible rejection at resistance around 40,780–40,790, where price has wicked to the upside but closed lower.
Indicates possible profit-taking or short-term reversal.
Overbought on Stochastic:
Stochastic Oscillator (14, 3, 3) is at 86.07 and 90.67 — in the overbought zone.
Suggests potential for pullback or sideways movement unless momentum continues.
Resistance & Support Levels:
Resistance Zone: ~40,780–40,788 (previous highs + possible supply zone).
Support Zone: ~40,571 (previous consolidation area and marked SL level).
If price breaks below ~40,690 with volume, watch for a dip toward 40,570 or 40,513.
Strong Bullish Momentum (Preceding the current candle):
There was a significant bullish move leading up to 15:00, with large green candles pushing price from around 40,570 to 40,770.
This sharp upward move could be news-driven or reacting to a key level.
Current Candle Showing Rejection:
The latest 5-minute candle (red) shows a possible rejection at resistance around 40,780–40,790, where price has wicked to the upside but closed lower.
Indicates possible profit-taking or short-term reversal.
Overbought on Stochastic:
Stochastic Oscillator (14, 3, 3) is at 86.07 and 90.67 — in the overbought zone.
Suggests potential for pullback or sideways movement unless momentum continues.
Resistance & Support Levels:
Resistance Zone: ~40,780–40,788 (previous highs + possible supply zone).
Support Zone: ~40,571 (previous consolidation area and marked SL level).
If price breaks below ~40,690 with volume, watch for a dip toward 40,570 or 40,513.
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.