Price has been moving inside a downward sloping structure for several weeks, with multiple reactions on both the upper line and the lower line. Each touch on the upper boundary has created a lower high, and the lower boundary has been respected several times as well.
Recently, price moved down to the lower boundary once again and formed a strong upward candle from that area. This upward move has now pushed price above the upper line of the falling structure. The move is supported by higher volume compared to the previous sessions.
This shift may indicate that the downward pressure inside the channel is reducing. If price is able to hold above this region, it may suggest that the next phase of the trend is developing.
This idea is based only on the repeated reactions inside the structure and the recent break above it.
Follow for more clean charts and structured analysis.
Recently, price moved down to the lower boundary once again and formed a strong upward candle from that area. This upward move has now pushed price above the upper line of the falling structure. The move is supported by higher volume compared to the previous sessions.
This shift may indicate that the downward pressure inside the channel is reducing. If price is able to hold above this region, it may suggest that the next phase of the trend is developing.
This idea is based only on the repeated reactions inside the structure and the recent break above it.
Follow for more clean charts and structured analysis.
SiripiVenu
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.
SiripiVenu
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.