The trend in this chart is gradually shifting from a downtrend to a sideways to slightly bullish phase. After a series of lower highs and lower lows, the price has started stabilizing and forming higher lows, which indicates that selling pressure is reducing and buyers are slowly stepping in. However, the trend is not fully bullish yet, as the price is still facing resistance overhead.
In terms of price structure, the market is currently approaching a key resistance zone around 3550–3600. This level previously acted as support and now has turned into resistance, making it a crucial decision point. The formation of higher lows suggests strength, but unless price breaks and sustains above this zone, the structure remains range-bound rather than trending strongly upward.
Looking at volume, there is a slight increase during the recent upward move, which indicates some buying interest. However, the volume is not significantly strong, which means the breakout attempt is not yet backed by aggressive participation. This suggests that the move could either be a buildup before breakout or a temporary push before rejection.
From a momentum perspective, RSI is trading above 60, which reflects positive momentum and improving strength in the price. This supports the possibility of an upside move, but since it is not in an overextended zone, it still leaves room for continuation only if supported by price action at resistance.
The key level to watch is clearly the resistance zone around 3550–3600. A strong breakout and close above this level with good volume can trigger further upside movement. On the downside, if price faces rejection here, it may move back towards immediate support levels where the recent higher lows are formed.
For the trade plan, it is better to wait for confirmation rather than entering early. A breakout above resistance with strong volume can be considered for a long trade, while a clear rejection from the zone can offer a short opportunity. Risk should always be managed based on the nearby structure, and entries should only be taken after confirmation to avoid false moves.
In terms of price structure, the market is currently approaching a key resistance zone around 3550–3600. This level previously acted as support and now has turned into resistance, making it a crucial decision point. The formation of higher lows suggests strength, but unless price breaks and sustains above this zone, the structure remains range-bound rather than trending strongly upward.
Looking at volume, there is a slight increase during the recent upward move, which indicates some buying interest. However, the volume is not significantly strong, which means the breakout attempt is not yet backed by aggressive participation. This suggests that the move could either be a buildup before breakout or a temporary push before rejection.
From a momentum perspective, RSI is trading above 60, which reflects positive momentum and improving strength in the price. This supports the possibility of an upside move, but since it is not in an overextended zone, it still leaves room for continuation only if supported by price action at resistance.
The key level to watch is clearly the resistance zone around 3550–3600. A strong breakout and close above this level with good volume can trigger further upside movement. On the downside, if price faces rejection here, it may move back towards immediate support levels where the recent higher lows are formed.
For the trade plan, it is better to wait for confirmation rather than entering early. A breakout above resistance with strong volume can be considered for a long trade, while a clear rejection from the zone can offer a short opportunity. Risk should always be managed based on the nearby structure, and entries should only be taken after confirmation to avoid false moves.
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.