Update 🎯🎯
Market Structure
1. Trend: The market has been in a downtrend since mid-February, forming lower highs and lower lows.
2. Recent Price Action: There was a strong drop in mid-March, followed by a recovery attempt.
3. Current Zone: Price is hovering around 42,090, attempting to push higher after a recent low.
Key Levels
• Support: Around 41,500 - 41,800 (recent swing low area)
• Resistance: Around 42,500 - 42,700 (previous supply zone)
Possible Trade Setups
1. Bearish Scenario (Short)
• If price rejects the 42,500 - 42,700 resistance zone with a bearish candle, it could signal a short entry targeting 41,800 or lower.
• Confirmation: Bearish engulfing or rejection wicks.
2. Bullish Scenario (Long)
• If price breaks and holds above 42,700, it may indicate a trend reversal.
• A clean breakout with retest can signal a buy entry, targeting 43,000+.
Feel free to leave a Comment below ⬇️
Market Structure
1. Trend: The market has been in a downtrend since mid-February, forming lower highs and lower lows.
2. Recent Price Action: There was a strong drop in mid-March, followed by a recovery attempt.
3. Current Zone: Price is hovering around 42,090, attempting to push higher after a recent low.
Key Levels
• Support: Around 41,500 - 41,800 (recent swing low area)
• Resistance: Around 42,500 - 42,700 (previous supply zone)
Possible Trade Setups
1. Bearish Scenario (Short)
• If price rejects the 42,500 - 42,700 resistance zone with a bearish candle, it could signal a short entry targeting 41,800 or lower.
• Confirmation: Bearish engulfing or rejection wicks.
2. Bullish Scenario (Long)
• If price breaks and holds above 42,700, it may indicate a trend reversal.
• A clean breakout with retest can signal a buy entry, targeting 43,000+.
Feel free to leave a Comment below ⬇️
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.