The SEI weekly chart exhibits a textbook bounce from the key support level at 0.3304, which has held firm and demonstrated buyer interest in this zone. This bounce off support is a bullish signal, with price showing early signs of recovery.
The first target to the upside appears to be 0.4786, representing a key resistance level and potential inflection point for further price action. A sustained move above this resistance could open the door for SEI to test higher levels, with significant room for growth if bullish momentum continues.
Volume appears to support the bounce, suggesting that market participants are stepping in at this critical support level. Traders may look for follow-through confirmation this week to validate the strength of the move and track price action as it approaches resistance.
Easy invalidation below support for traders.
The first target to the upside appears to be 0.4786, representing a key resistance level and potential inflection point for further price action. A sustained move above this resistance could open the door for SEI to test higher levels, with significant room for growth if bullish momentum continues.
Volume appears to support the bounce, suggesting that market participants are stepping in at this critical support level. Traders may look for follow-through confirmation this week to validate the strength of the move and track price action as it approaches resistance.
Easy invalidation below support for traders.
scott.melker@texaswestcapital.com
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.
scott.melker@texaswestcapital.com
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.