Key Observations:
Support & Bounce:
The price bounced from a key support level around 2,846.493 (200 EMA), marked with a red circle.
This suggests strong buying interest around this level.
Entry & Target Zones:
The trader appears to be aiming for a long (buy) position, as indicated by the red arrow pointing upward.
The first take profit (TP) level is around 2,929.243.
The second TP level is around 2,944.083 - 2,951.503, marked by the blue rectangle (resistance zone).
Resistance Zone:
The upper blue shaded area represents a strong resistance level where price previously rejected.
If price reaches this zone, it may face selling pressure.
Bearish Flag Pattern Mentioned:
The chart includes a note about a bearish flag, which is generally a continuation pattern signaling potential downside.
However, in this case, the trader is looking at a retracement upward before potential selling pressure resumes.
Conclusion & Possible Scenarios:
✅ Bullish Scenario: If price sustains above the 200 EMA and breaks the first TP level, it could reach the second TP in the resistance zone.
❌ Bearish Rejection: If price fails to break the resistance zone, it may reverse downward, validating the bearish flag pattern.
Would you like any specific trading insights or adjustments to this analysis?
Support & Bounce:
The price bounced from a key support level around 2,846.493 (200 EMA), marked with a red circle.
This suggests strong buying interest around this level.
Entry & Target Zones:
The trader appears to be aiming for a long (buy) position, as indicated by the red arrow pointing upward.
The first take profit (TP) level is around 2,929.243.
The second TP level is around 2,944.083 - 2,951.503, marked by the blue rectangle (resistance zone).
Resistance Zone:
The upper blue shaded area represents a strong resistance level where price previously rejected.
If price reaches this zone, it may face selling pressure.
Bearish Flag Pattern Mentioned:
The chart includes a note about a bearish flag, which is generally a continuation pattern signaling potential downside.
However, in this case, the trader is looking at a retracement upward before potential selling pressure resumes.
Conclusion & Possible Scenarios:
✅ Bullish Scenario: If price sustains above the 200 EMA and breaks the first TP level, it could reach the second TP in the resistance zone.
❌ Bearish Rejection: If price fails to break the resistance zone, it may reverse downward, validating the bearish flag pattern.
Would you like any specific trading insights or adjustments to this analysis?
Trade closed: target reached
as i stated watch the market movement almost all target achived
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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.