Chart Analysis
Trend:
Price is moving inside a rising parallel channel (marked in red with blue borders).
Currently near the mid-to-upper side of the channel.
Setup Highlighted:
Entry Point: Around 97.50 – 97.52 (support zone).
Stop Loss: Around 97.15 – 97.18 (below support and channel bottom).
Target Point: Around 98.97 – 98.98 (near channel top).
Risk-to-Reward Ratio (RRR):
Risk: ~0.33 points (97.50 → 97.18).
Reward: ~1.46 points (97.50 → 98.98).
RRR ≈ 1:4.5, which is a strong setup.
Price Action:
The chart suggests a retest of support (97.50 area) before a bullish continuation.
If buyers hold this level, upward momentum could push toward the 98.90–99.00 zone.
Invalidation:
A breakdown below 97.15 would invalidate the long setup and may push price toward 96.80 – 96.50 support levels.
📌 Summary
Bias: Bullish (as long as price holds above 97.15).
Plan: Wait for a pullback to the entry zone (97.50) for confirmation.
Target: 98.90 – 99.00.
Stop Loss: Below 97.15.
Strong RRR trade idea within the bullish channel.
Trend:
Price is moving inside a rising parallel channel (marked in red with blue borders).
Currently near the mid-to-upper side of the channel.
Setup Highlighted:
Entry Point: Around 97.50 – 97.52 (support zone).
Stop Loss: Around 97.15 – 97.18 (below support and channel bottom).
Target Point: Around 98.97 – 98.98 (near channel top).
Risk-to-Reward Ratio (RRR):
Risk: ~0.33 points (97.50 → 97.18).
Reward: ~1.46 points (97.50 → 98.98).
RRR ≈ 1:4.5, which is a strong setup.
Price Action:
The chart suggests a retest of support (97.50 area) before a bullish continuation.
If buyers hold this level, upward momentum could push toward the 98.90–99.00 zone.
Invalidation:
A breakdown below 97.15 would invalidate the long setup and may push price toward 96.80 – 96.50 support levels.
📌 Summary
Bias: Bullish (as long as price holds above 97.15).
Plan: Wait for a pullback to the entry zone (97.50) for confirmation.
Target: 98.90 – 99.00.
Stop Loss: Below 97.15.
Strong RRR trade idea within the bullish channel.
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.