The price is at the bottom of the old broken channel right now that serves as a resistance. Solid 1d divergence on RSI.
6180 is the minimum target - 1W and 1M FVG start there. Retest of the February ATH at 6150 is probable. A spike to 6100 and below is also possible.
6180 is the minimum target - 1W and 1M FVG start there. Retest of the February ATH at 6150 is probable. A spike to 6100 and below is also possible.
Note
Pay attention that we were in a similar situation during 2020 recovery, and the price did break into the old channel very aggressively back then, but that was a final move followed by a very sharp 10% pullback out of the channel and below previous ATH. RSI was different, but still bears should be ready to some crazy final move.
Note
A better entry point will appear when 4h or atleast 2h negative divergence will be formed on RSI indicator. I will increase my position when I see it.
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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.