Chart presents a support-based setup following a recent flag breakout.
Current price action indicates an attempt to retest breakout levels, creating a potential bounce opportunity.
The price is trading near a confluence zone, adding strength to the support levels. Key Points:
Flag Breakout Retest: After a flag breakout, the price is currently retesting breakout levels, suggesting a potential continuation of the bullish trend.
Confluence Zone: The current price is near a confluence zone, strengthening the support levels and increasing the likelihood of a bounce.
Volume Analysis: While current volume is low, anticipate a rise in volume as the price bounces back, providing confirmation of renewed market interest. Trade Idea:
Consider a long position with a bounce confirmation from the support levels, ensuring volume supports the move.
Implement risk management strategies to protect against potential downside risks. Regularly monitor the price action for further confirmation and adjust the trade as needed.