🔍 Key Observations:
1. Downtrend Line (Black Diagonal Line)
The chart has a descending trendline drawn from a previous high (around mid-2022), connecting lower highs.
This trendline represents a long-term resistance level — each time the price approached it, it was rejected.
2. Support Zone (Green Box)
A horizontal green zone marks a strong support area, roughly between $62–$67.
This area has been tested multiple times in the past (as both support and resistance), indicating it's a key level where buying interest appears.
3. Recent Price Action
The price recently dipped below the green support zone, forming a false breakdown or bear trap, then strongly rebounded back above it.
The price is now around $73.20, approaching the descending trendline (resistance).
🔧 Technical Interpretation:
Trend: Overall long-term downtrend (as seen from the descending trendline).
Current Momentum: Strong bullish bounce from the support zone.
Key Resistance: Around $74–$76, where price meets the descending trendline.
Key Support: Around $62–$67, the highlighted green zone.
🔮 What to Watch Next:
Bullish Scenario: If price breaks above the descending trendline and sustains above $76, it could signal a trend reversal or breakout.
Bearish Scenario: If price gets rejected at the trendline, it may retest the $67 zone or lower.
Volume: Not shown here, but would be important to confirm the breakout.
1. Downtrend Line (Black Diagonal Line)
The chart has a descending trendline drawn from a previous high (around mid-2022), connecting lower highs.
This trendline represents a long-term resistance level — each time the price approached it, it was rejected.
2. Support Zone (Green Box)
A horizontal green zone marks a strong support area, roughly between $62–$67.
This area has been tested multiple times in the past (as both support and resistance), indicating it's a key level where buying interest appears.
3. Recent Price Action
The price recently dipped below the green support zone, forming a false breakdown or bear trap, then strongly rebounded back above it.
The price is now around $73.20, approaching the descending trendline (resistance).
🔧 Technical Interpretation:
Trend: Overall long-term downtrend (as seen from the descending trendline).
Current Momentum: Strong bullish bounce from the support zone.
Key Resistance: Around $74–$76, where price meets the descending trendline.
Key Support: Around $62–$67, the highlighted green zone.
🔮 What to Watch Next:
Bullish Scenario: If price breaks above the descending trendline and sustains above $76, it could signal a trend reversal or breakout.
Bearish Scenario: If price gets rejected at the trendline, it may retest the $67 zone or lower.
Volume: Not shown here, but would be important to confirm the breakout.
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.