After a significant downtrend and a period of consolidation, price has returned to this level, which has historically attracted buyers. The confluence of horizontal support and potential bullish reaction makes this a favorable area to look for long opportunities, especially if a bullish confirmation forms (like a strong rejection wick or bullish engulfing candle).
Both breakout and retest scenarios are possible, but the current zone offers a solid risk-to-reward setup for buying.
Both breakout and retest scenarios are possible, but the current zone offers a solid risk-to-reward setup for buying.
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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.