Bullish Trend Formation: We see a series of higher highs and higher lows forming on the chart, suggesting a potential continuation of the bullish trend. However, the market has recently pulled back from the previous peak at 3,340.69, which is now being tested as support.
Fibonacci Retracement Analysis:
The current pullback has reached the 0.5 level around 3,334.32, a strong support zone. This area could offer a potential long entry if the price reacts positively from here.
The 0.618 Fibonacci level at 3,335.82 is also significant, often acting as a final retracement level before the market continues its bullish move.
Support Testing: If the price holds above the 0.618 level, we could expect a price rally towards the resistance at 3,372.00, with possible extension above it.
Trend Continuation: If the price breaks below 3,335.82, consider watching for further downside potential with the next target being the 0.5 level, near 3,334.32.
Trade Strategy (Buy on Support):
Entry: Around 3,334.32 or 3,335.82 (depending on price action confirmation).
Target: 3,340.69 (next resistance zone).
Stop-Loss: Set just below the 0.5 Fibonacci level around 3,327.95 to manage risk effectively.
The current chart is showing a potential for a bullish continuation, with key support levels at 3,335.82 and 3,334.32, backed by Fibonacci retracement. Watching the price action around these levels will be crucial for entering a potential buy position.
Remember to adjust your strategy based on the actual market movements and confirm the trend with price action before making a trade.
Fibonacci Retracement Analysis:
The current pullback has reached the 0.5 level around 3,334.32, a strong support zone. This area could offer a potential long entry if the price reacts positively from here.
The 0.618 Fibonacci level at 3,335.82 is also significant, often acting as a final retracement level before the market continues its bullish move.
Support Testing: If the price holds above the 0.618 level, we could expect a price rally towards the resistance at 3,372.00, with possible extension above it.
Trend Continuation: If the price breaks below 3,335.82, consider watching for further downside potential with the next target being the 0.5 level, near 3,334.32.
Trade Strategy (Buy on Support):
Entry: Around 3,334.32 or 3,335.82 (depending on price action confirmation).
Target: 3,340.69 (next resistance zone).
Stop-Loss: Set just below the 0.5 Fibonacci level around 3,327.95 to manage risk effectively.
The current chart is showing a potential for a bullish continuation, with key support levels at 3,335.82 and 3,334.32, backed by Fibonacci retracement. Watching the price action around these levels will be crucial for entering a potential buy position.
Remember to adjust your strategy based on the actual market movements and confirm the trend with price action before making a trade.
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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.