Key Technical Levels
Resistance Zones (Red Lines):
56098.70 (Major swing high)
55957.75 (Strong supply area)
55499.65 (Recently tested resistance)
Support Zones (Blue Lines):
54442.30 (Recent swing low; strong demand zone)
54176.45 (Intermediate support)
53483.05 (Major support; swing low base)
Price Action Analysis
Current Price Behavior:
Price is consolidating just below the 55499.65 resistance level.
The last few candles show reduced volatility and tight range, indicating indecision or a possible accumulation phase.
Prior Trend:
From early May, price shows a higher low and a higher high, suggesting early bullish momentum.
Before that, there was a clear downtrend, as seen from the consistent lower highs and lower lows through April and early May.
Support Reactions:
Strong reaction from the 53483.05 zone, leading to a sharp move up. This confirms demand and buyers’ interest at that level.
The bounce off 54442.30 also validates this as a key support/rescue zone.
Resistance Reactions:
Price was rejected at 55499.65 level previously, suggesting strong selling pressure.
Multiple tests of this level may weaken it eventually.
Outlook Scenarios
Bullish Case:
Break and close above 55499.65 could open the path to test:
55957.75
And then 56098.70
Look for confirmation with a strong bullish candle and higher volume.
Bearish Case:
Failure to break above 55499.65 and a reversal candle pattern could lead to:
Retest of 54442.30
Further breakdown toward 54176.45 or even 53483.05 if selling pressure returns
Technical Summary
Bias: Neutral to Bullish (short-term)
Trend: Recovery from recent downtrend
Watch for:
Breakout above 55499.65
Breakdown below 54442.30
Resistance Zones (Red Lines):
56098.70 (Major swing high)
55957.75 (Strong supply area)
55499.65 (Recently tested resistance)
Support Zones (Blue Lines):
54442.30 (Recent swing low; strong demand zone)
54176.45 (Intermediate support)
53483.05 (Major support; swing low base)
Price Action Analysis
Current Price Behavior:
Price is consolidating just below the 55499.65 resistance level.
The last few candles show reduced volatility and tight range, indicating indecision or a possible accumulation phase.
Prior Trend:
From early May, price shows a higher low and a higher high, suggesting early bullish momentum.
Before that, there was a clear downtrend, as seen from the consistent lower highs and lower lows through April and early May.
Support Reactions:
Strong reaction from the 53483.05 zone, leading to a sharp move up. This confirms demand and buyers’ interest at that level.
The bounce off 54442.30 also validates this as a key support/rescue zone.
Resistance Reactions:
Price was rejected at 55499.65 level previously, suggesting strong selling pressure.
Multiple tests of this level may weaken it eventually.
Outlook Scenarios
Bullish Case:
Break and close above 55499.65 could open the path to test:
55957.75
And then 56098.70
Look for confirmation with a strong bullish candle and higher volume.
Bearish Case:
Failure to break above 55499.65 and a reversal candle pattern could lead to:
Retest of 54442.30
Further breakdown toward 54176.45 or even 53483.05 if selling pressure returns
Technical Summary
Bias: Neutral to Bullish (short-term)
Trend: Recovery from recent downtrend
Watch for:
Breakout above 55499.65
Breakdown below 54442.30
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.