1. RSI Analysis (Relative Strength Index)
The RSI is near 30, which indicates the market is approaching oversold levels.
This suggests a possible bounce or reversal if buyers step in.
If RSI drops below 30, expect further downside movement.
2. Moving Averages (50 MA & 200 MA)
50 MA is trending downward, confirming the bearish trend.
Price is well below the 50 MA and 200 MA, suggesting continued bearish momentum.
No immediate sign of reversal unless the price reclaims the 50 MA as support.
3. Fibonacci Retracement Levels
Based on the high of 2950 and low of 2885, the key Fibonacci retracement levels are:
23.6% Retracement: 2934.66 (Potential resistance)
38.2% Retracement: 2925.17 (Strong resistance level)
50% Retracement: 2917.50 (Mid-level resistance)
61.8% Retracement: 2909.83 (Key level for trend change)
78.6% Retracement: 2898.91 (Critical decision level)
Trading Strategy
Bullish Scenario (If price holds support & RSI rebounds)
Buy Entry: Around 2890 - 2893 (If price shows bullish rejection)
SL (Stop-Loss): Below 2885
TP1: 2909.83 (Fib 61.8%)
TP2: 2925.17 (Fib 38.2%)
TP3: 2934.66 (Fib 23.6%)
Bearish Scenario (If price breaks 2885 support)
Sell Entry: Below 2885 (If confirmed breakdown)
SL: Above 2898
TP1: 2875
TP2: 2865
Conclusion
Short-term: Bearish, but RSI suggests a possible reversal if buyers defend 2890.
Long-term: Still bearish unless price reclaims 2926.
Watch the Fib 61.8% level at 2909.83 for a potential short-term reversal.
Dhanda The Great
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.
Dhanda The Great
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.