The price action is moving within a clear upward-sloping channel, with higher highs and higher lows confirming the bullish structure.
The recent candle is testing the upper boundary of the channel, which could act as resistance, and the action shows a breakout attempt above this level, which is a bullish signal if sustained.
The breakout attempt is accompanied by relatively higher volume (1.11M), which adds credibility to the upward move. EMAs are acting as dynamic support levels. Current RSI is 65.82, Momentum is strong, but the overbought region may bring some short-term profit booking.
Consider buying above 550, could reach 575 and 600
The recent candle is testing the upper boundary of the channel, which could act as resistance, and the action shows a breakout attempt above this level, which is a bullish signal if sustained.
The breakout attempt is accompanied by relatively higher volume (1.11M), which adds credibility to the upward move. EMAs are acting as dynamic support levels. Current RSI is 65.82, Momentum is strong, but the overbought region may bring some short-term profit booking.
Consider buying above 550, could reach 575 and 600
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.