About a week ago, price touched this zone and trading in a bullish pennant, which led to a quick upside move. Now price has returned to that exact level again after the recent drop from the 665 region.
This area is technically important because:
• Multiple reactions happened near 614 support
• Sellers slowed down once price touched this zone
• Market structure often repeats at strong horizontal levels
Right now price is testing support again. If buyers step in like before, a short-term reversal toward 640–665 is possible. That upper area previously acted as supply, so it becomes the natural upside target if momentum returns.
However, this is still a support test, not confirmation yet. If price fails to hold above 614 and breaks the level decisively, the next downside liquidity sits around 600–595.
So the idea here is simple:
Hold 614 → potential bounce toward 640–665.
Lose 614 → support fails and downside opens.
That’s why a tight stop-loss below support makes sense for this type of scalping attempt.
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.
