Price had a strong breakout from the triangle, and is presently stalled at the point of control drawn from August 2021 to the current price action. Buying at this point is dangerous because the price is at a resistance level.
If we see a retreat from here, $44600 is a potential bounce area, as it is a daily Naked point of control and will coincide with a retest of the broken triangle. If this doesn't hold and price returns to the triangle, it'll be bearish, and we may expect price to fall.
The next level of resistance (daily level + Value area high) is around $50300.
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If we see a retreat from here, $44600 is a potential bounce area, as it is a daily Naked point of control and will coincide with a retest of the broken triangle. If this doesn't hold and price returns to the triangle, it'll be bearish, and we may expect price to fall.
The next level of resistance (daily level + Value area high) is around $50300.
<---------------------------->
☑️ Follow, Comment & Like
☑️ Create a civil and healty discuss in the comments and share with me your thoughts
Thanks and Happy Trading!