1. Trend Identification
Medium-Term Bullish Trend: The price has been rising since early March, reclaiming the 200-period moving average (blue line), a sign of renewed buying strength.
Short-Term Consolidation: The price is currently testing resistance near the Point of Control (POC) at 32.551, indicating an important decision point for the next move.
Bearish Short-Term Volume Shift: The last 60 bars show higher selling volume (-33.63%), suggesting potential weakness in the short term before a breakout or pullback.
2. Key Support & Resistance Levels
Immediate Resistance: 32.55 - 32.60 (POC and recent highs).
Immediate Support: 32.00 - 32.20 (recent demand zone).
Stronger Support: 31.80 - 31.50 (lower channel boundary).
Upside Targets: 33.00 - 33.20 (upper channel projection).
3. Volume Analysis
Last 120 Bars Volume: Up Vol > Down Vol by 12.95%, showing medium-term buying dominance.
Last 60 Bars Volume: Up Vol < Down Vol by 33.63%, indicating short-term selling pressure, which may lead to a minor pullback before continuation.
4. Chart Patterns & Projections
The projected path (blue and red channels) suggests two scenarios:
Bullish Breakout: Above 32.55, targeting 33.00 - 33.20.
Bearish Pullback: A rejection at 32.55 could push the price toward 31.80 - 31.50 before a potential recovery.
Trade Setups & Risk Management
1. Long Trade Setup (Bullish Scenario)
Entry: Buy on breakout above 32.60 (confirmation of resistance breach).
Stop-Loss: Below 32.20 (to avoid false breakouts).
Targets:
First Target: 33.00
Final Target: 33.20 (upper channel boundary).
Risk-Reward Ratio: 1:3 or better.
2. Short Trade Setup (Bearish Pullback Scenario)
Entry: Sell below 32.20 (confirmed breakdown).
Stop-Loss: Above 32.60 (recent resistance).
Targets:
First Target: 31.80 (lower channel mid-support).
Final Target: 31.50 (strong support zone).
Risk-Reward Ratio: 1:2 or better.
Medium-Term Bullish Trend: The price has been rising since early March, reclaiming the 200-period moving average (blue line), a sign of renewed buying strength.
Short-Term Consolidation: The price is currently testing resistance near the Point of Control (POC) at 32.551, indicating an important decision point for the next move.
Bearish Short-Term Volume Shift: The last 60 bars show higher selling volume (-33.63%), suggesting potential weakness in the short term before a breakout or pullback.
2. Key Support & Resistance Levels
Immediate Resistance: 32.55 - 32.60 (POC and recent highs).
Immediate Support: 32.00 - 32.20 (recent demand zone).
Stronger Support: 31.80 - 31.50 (lower channel boundary).
Upside Targets: 33.00 - 33.20 (upper channel projection).
3. Volume Analysis
Last 120 Bars Volume: Up Vol > Down Vol by 12.95%, showing medium-term buying dominance.
Last 60 Bars Volume: Up Vol < Down Vol by 33.63%, indicating short-term selling pressure, which may lead to a minor pullback before continuation.
4. Chart Patterns & Projections
The projected path (blue and red channels) suggests two scenarios:
Bullish Breakout: Above 32.55, targeting 33.00 - 33.20.
Bearish Pullback: A rejection at 32.55 could push the price toward 31.80 - 31.50 before a potential recovery.
Trade Setups & Risk Management
1. Long Trade Setup (Bullish Scenario)
Entry: Buy on breakout above 32.60 (confirmation of resistance breach).
Stop-Loss: Below 32.20 (to avoid false breakouts).
Targets:
First Target: 33.00
Final Target: 33.20 (upper channel boundary).
Risk-Reward Ratio: 1:3 or better.
2. Short Trade Setup (Bearish Pullback Scenario)
Entry: Sell below 32.20 (confirmed breakdown).
Stop-Loss: Above 32.60 (recent resistance).
Targets:
First Target: 31.80 (lower channel mid-support).
Final Target: 31.50 (strong support zone).
Risk-Reward Ratio: 1:2 or better.
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.