As usual, the market is ttracted toward either the support level or the target. It gravitates to one or the other. Once the first “orbit” is left, the price is attracted to the other. Here, we can see that the price remains under the influence of the support level, and the rejection of the bullish-target deviation (pale purple line) is clearly visible.
Since the downtrend is accompanied by strong volume (the blue dot candle), the bearish scenario prevails. The optimal point to enter a short position is at the bullish deviation (gray line), with a bearish target currently around 3,164.
Since the downtrend is accompanied by strong volume (the blue dot candle), the bearish scenario prevails. The optimal point to enter a short position is at the bullish deviation (gray line), with a bearish target currently around 3,164.
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.