BA is approaching a long-term horizontal support level at $160, which has acted as a strong floor multiple times in the past.
Technical View:
Support Zone: $160–$161 (historical demand zone since mid-2023).
Trend Context: Price has been in a sideways range between $160 and $175, consolidating after a strong rally earlier this year.
Indicators:
RSI currently in the mid-40s, suggesting neutral momentum but leaning toward oversold on shorter timeframes.
Volume picking up slightly near support, hinting at accumulation.
Candle Patterns: Watch for bullish reversal candles (hammer, bullish engulfing) around $160 to confirm buyer strength.
Trade Idea:
Bullish Scenario: If price holds $160 with strong bullish candle confirmation, potential bounce back to $168–$172.
Bearish Scenario: A decisive close below $160 could open the door to $154–$150 in the short term.
Risk Management:
For a long position: Stop loss just below $158 to protect against a false breakout.
For a short position: Wait for a confirmed break and retest of $160 as resistance.
Technical View:
Support Zone: $160–$161 (historical demand zone since mid-2023).
Trend Context: Price has been in a sideways range between $160 and $175, consolidating after a strong rally earlier this year.
Indicators:
RSI currently in the mid-40s, suggesting neutral momentum but leaning toward oversold on shorter timeframes.
Volume picking up slightly near support, hinting at accumulation.
Candle Patterns: Watch for bullish reversal candles (hammer, bullish engulfing) around $160 to confirm buyer strength.
Trade Idea:
Bullish Scenario: If price holds $160 with strong bullish candle confirmation, potential bounce back to $168–$172.
Bearish Scenario: A decisive close below $160 could open the door to $154–$150 in the short term.
Risk Management:
For a long position: Stop loss just below $158 to protect against a false breakout.
For a short position: Wait for a confirmed break and retest of $160 as resistance.
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.