Following the recent geopolitical tensions between Israel and Iran, we saw a sharp sell-off, which broke down from a key support zone. Currently, price action is consolidating within a rising wedge (bearish structure) on declining volume.
The trend remains bearish overall. I expect a potential relief bounce toward the $150 zone, where multiple EMAs and the edge of the Ichimoku cloud could act as resistance. If rejected there, my first downside target is $136 a key horizontal level from previous structure.
Keep in mind: this move is heavily news-driven, so headlines could continue to impact price action significantly.
RSI is still below 50 and struggling to break trendline resistance, which supports the bearish bias.
The trend remains bearish overall. I expect a potential relief bounce toward the $150 zone, where multiple EMAs and the edge of the Ichimoku cloud could act as resistance. If rejected there, my first downside target is $136 a key horizontal level from previous structure.
Keep in mind: this move is heavily news-driven, so headlines could continue to impact price action significantly.
RSI is still below 50 and struggling to break trendline resistance, which supports the bearish bias.
Misho
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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.
Misho
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.