Bearish Setup (Trend Continuation)
Long-term downtrend intact (lower highs, lower lows).
Price trading below all EMAs, slope is negative.
Momentum: RSI weak (~40), not oversold yet → room for more downside.
Key Breakdown Level: $236.
If broken → next major support $174.68.
Long Setup / Bounce (Countertrend Play)
Current zone $236–263 = strong multi-year support.
I am long from $262.30, with stop at $249.50 → good risk-defined setup.
If $236–263 holds, upside bounce targets are:
$284 (first profit-taking zone).
$322–345 (EMA cluster & supply).
$375 (major resistance).
Risk/reward: ~13 points risk vs 60–110+ points potential reward (good R:R).
Summary:
Bears → Breakdown below $236 opens $174 downside.
Bulls (My current setup) → Long from $262.30, SL $249.50, looking for bounce to $284 → $322 → $375.
Long-term downtrend intact (lower highs, lower lows).
Price trading below all EMAs, slope is negative.
Momentum: RSI weak (~40), not oversold yet → room for more downside.
Key Breakdown Level: $236.
If broken → next major support $174.68.
Long Setup / Bounce (Countertrend Play)
Current zone $236–263 = strong multi-year support.
I am long from $262.30, with stop at $249.50 → good risk-defined setup.
If $236–263 holds, upside bounce targets are:
$284 (first profit-taking zone).
$322–345 (EMA cluster & supply).
$375 (major resistance).
Risk/reward: ~13 points risk vs 60–110+ points potential reward (good R:R).
Summary:
Bears → Breakdown below $236 opens $174 downside.
Bulls (My current setup) → Long from $262.30, SL $249.50, looking for bounce to $284 → $322 → $375.
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.