🔹 Trend & Structure:
Market formed a Higher High (HH) followed by a Lower Low (LL), indicating bearish correction within a falling channel.
Price then created a Higher Low (HL) suggesting a potential trend reversal.
🔹 Channel Breakout:
Price broke above the descending channel, confirming bullish momentum.
A strong bullish candle closed above the 70 EMA, showing further strength.
🔹 Support Zone:
A support level between 3,314.485 – 3,335.703 is now established, which was previous resistance turned support.
🔹 Target Projection:
Using measured move strategy, the projected bullish target is around 3,439.802, a 3.09% move from the breakout zone.
🔹 Volume & Momentum:
Sharp bullish impulse indicates increased buying interest, supported by possible retest before continuation.
📈 Conclusion:
Bullish breakout confirmed. Ideal strategy:
🔹 Entry: On retest of the support zone (3,335 area)
🔹 Stop-loss: Below 3,314
🔹 Take-profit: Near 3,439
✅ Strategies used:
Trendline & Channel Analysis
Support/Resistance.
EMA (70) confirmation.
Price Action (HH, LL, HL)
Measured Move Target.
Market formed a Higher High (HH) followed by a Lower Low (LL), indicating bearish correction within a falling channel.
Price then created a Higher Low (HL) suggesting a potential trend reversal.
🔹 Channel Breakout:
Price broke above the descending channel, confirming bullish momentum.
A strong bullish candle closed above the 70 EMA, showing further strength.
🔹 Support Zone:
A support level between 3,314.485 – 3,335.703 is now established, which was previous resistance turned support.
🔹 Target Projection:
Using measured move strategy, the projected bullish target is around 3,439.802, a 3.09% move from the breakout zone.
🔹 Volume & Momentum:
Sharp bullish impulse indicates increased buying interest, supported by possible retest before continuation.
📈 Conclusion:
Bullish breakout confirmed. Ideal strategy:
🔹 Entry: On retest of the support zone (3,335 area)
🔹 Stop-loss: Below 3,314
🔹 Take-profit: Near 3,439
✅ Strategies used:
Trendline & Channel Analysis
Support/Resistance.
EMA (70) confirmation.
Price Action (HH, LL, HL)
Measured Move Target.
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.
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.