Bearish Breakdown with Support Retest – Key Levels in Play
This chart appears to be a price action analysis of a financial instrument, possibly gold (XAU/USD) or a similar asset, on a short-term timeframe.
Key Observations:
Support and Resistance Zones:
Green Zones: These represent support levels where buyers may step in.
Red Zones: Indicate resistance levels where selling pressure is expected.
Blue Dotted Lines: Act as key horizontal support/resistance levels.
Price Movement & Breakout:
The price initially traded within a range but later broke below a key support level around 2,913.461.
A bearish move followed, with the price testing lower levels near 2,906.652.
The green highlighted area suggests a previous support zone, which failed to hold.
Volume Analysis:
There is an increase in trading volume, indicating strong selling pressure.
The red volume bars at the bottom show aggressive selling activity.
Trade Setup:
A short position seems to have been executed after price retested the broken support zone.
The yellow labels (2,909.054 & 2,906.652) may indicate entry and target points.
The stop loss might have been placed above the broken support.
Next Possible Moves:
If the price holds above 2,906.370, there could be a bounce back.
However, if bearish momentum continues, the next key support zone around 2,900 - 2,902 might be tested.
Conclusion:
Bearish Bias: The price broke support and is trending downward with strong selling volume.
Key Levels to Watch: 2,906.370 as immediate support and 2,913.461 as resistance.
Potential Trade Idea: If the price fails to recover above resistance, further downside could be expected.
Key Observations:
Support and Resistance Zones:
Green Zones: These represent support levels where buyers may step in.
Red Zones: Indicate resistance levels where selling pressure is expected.
Blue Dotted Lines: Act as key horizontal support/resistance levels.
Price Movement & Breakout:
The price initially traded within a range but later broke below a key support level around 2,913.461.
A bearish move followed, with the price testing lower levels near 2,906.652.
The green highlighted area suggests a previous support zone, which failed to hold.
Volume Analysis:
There is an increase in trading volume, indicating strong selling pressure.
The red volume bars at the bottom show aggressive selling activity.
Trade Setup:
A short position seems to have been executed after price retested the broken support zone.
The yellow labels (2,909.054 & 2,906.652) may indicate entry and target points.
The stop loss might have been placed above the broken support.
Next Possible Moves:
If the price holds above 2,906.370, there could be a bounce back.
However, if bearish momentum continues, the next key support zone around 2,900 - 2,902 might be tested.
Conclusion:
Bearish Bias: The price broke support and is trending downward with strong selling volume.
Key Levels to Watch: 2,906.370 as immediate support and 2,913.461 as resistance.
Potential Trade Idea: If the price fails to recover above resistance, further downside could be expected.
Dagangan aktif
Bearish Breakdown: Price has broken key support at 2,913.461 and is trending downward.Support Levels to Watch: Immediate support at 2,906.370; next major support around 2,900 - 2,902.
Dagangan ditutup: hentian tercapai
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.