1. Market Structure Overview
The broader market structure has shifted bearish following a Change of Character (CHoCH) around 1277.42, where price broke below a prior higher low, suggesting a possible trend reversal. This was later confirmed by multiple Breaks of Structure (BOS) at lower levels, especially the key BOS at 1162.8, which solidified bearish intent. Each BOS has been followed by continued selling, showing strong bearish momentum and weakening buyer control.
2. Supply and Demand Zones
Several major supply zones (resistance) are present, especially at 1340–1330, 1300–1290, 1277–1260, and most immediately at 1185–1175, where price is currently reacting. These zones have previously shown strong rejections and are likely to cap bullish retracements.
On the demand side (support), the primary demand zone lies at 1130–1110, which acted as a prior accumulation base. A deeper demand area also exists near 1100–1090, which could serve as a last-resort support if price breaks lower.
3. Price Action Within Key Border
Currently, price is hovering around 1173.99, inside the lower supply zone of 1185–1175. The structure suggests a potential short-term retracement to this zone before continuation lower. If price rejects here again, the expectation is for a move toward the 1130–1110 demand zone. However, a strong breakout and hold above 1185 could open the path for retesting higher supply levels like 1225–1245.
The broader market structure has shifted bearish following a Change of Character (CHoCH) around 1277.42, where price broke below a prior higher low, suggesting a possible trend reversal. This was later confirmed by multiple Breaks of Structure (BOS) at lower levels, especially the key BOS at 1162.8, which solidified bearish intent. Each BOS has been followed by continued selling, showing strong bearish momentum and weakening buyer control.
2. Supply and Demand Zones
Several major supply zones (resistance) are present, especially at 1340–1330, 1300–1290, 1277–1260, and most immediately at 1185–1175, where price is currently reacting. These zones have previously shown strong rejections and are likely to cap bullish retracements.
On the demand side (support), the primary demand zone lies at 1130–1110, which acted as a prior accumulation base. A deeper demand area also exists near 1100–1090, which could serve as a last-resort support if price breaks lower.
3. Price Action Within Key Border
Currently, price is hovering around 1173.99, inside the lower supply zone of 1185–1175. The structure suggests a potential short-term retracement to this zone before continuation lower. If price rejects here again, the expectation is for a move toward the 1130–1110 demand zone. However, a strong breakout and hold above 1185 could open the path for retesting higher supply levels like 1225–1245.
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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.
Looking for powerful AI trading signals? Visit ProSignal.ai and take your trading to the next level! or join our telegram channel at t.me/prosignalai
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.