Price has retraced into a major support zone around $237–$239, where buyers previously stepped in. This area also aligns with the 0.50–0.618 Fibonacci retracement zone, creating strong technical confluence.
During the retracement, price entered a bullish fair value gap, suggesting that the imbalance could act as a demand zone. After briefly trading below the support area, price recovered and began forming higher lows, indicating that selling pressure may be weakening.
The bullish scenario remains valid while price holds above the $227–$230 invalidation zone. A sustained move above the nearby resistance and bearish fair value gaps around $247–$254 would provide further confirmation.
My upside target is approximately $278, which corresponds with the previous swing high and the 0 Fibonacci level. The setup offers an estimated 2.5 risk-to-reward ratio.
Key levels:
- Entry/support zone: $237–$240
- Stop-loss/invalidation: below $234
- Target: $275
This analysis is based on Fibonacci confluence, market structure, support and fair value gaps. It is not financial advice.
During the retracement, price entered a bullish fair value gap, suggesting that the imbalance could act as a demand zone. After briefly trading below the support area, price recovered and began forming higher lows, indicating that selling pressure may be weakening.
The bullish scenario remains valid while price holds above the $227–$230 invalidation zone. A sustained move above the nearby resistance and bearish fair value gaps around $247–$254 would provide further confirmation.
My upside target is approximately $278, which corresponds with the previous swing high and the 0 Fibonacci level. The setup offers an estimated 2.5 risk-to-reward ratio.
Key levels:
- Entry/support zone: $237–$240
- Stop-loss/invalidation: below $234
- Target: $275
This analysis is based on Fibonacci confluence, market structure, support and fair value gaps. It is not financial advice.
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.