On the daily timeframe, the price has been in a range since February 24. The buyer's vector 8-9 reached its obligatory target. The price is now in the seller's contextual zone. On May 23, the seller attempted to start their vector 9-10 with a potential target of 3301, but the buyer absorbed this attempt. The buyer's candle on May 23 has the highest volume in the entire vector 8-9, but the result is only in the wick. The price was unable to close the day above the previous wicks.
Purchases can be sought based on the idea of reaching 4093. Sales can be considered based on the idea of the buyer's weakness (May 23 candle).
Let's examine the lower timeframes to understand where purchases or sales can be found. The situation is clearly visible on the 2-hour timeframe. The price is in a range. The seller's vector 5-6 reached its obligatory target and the buyer's vector 6-7 started to develop with a potential target of 3901. The last two seller candles in vector 5-6 have increasing volume, while the two buyer candles in the beginning vector 6-7 have decreasing volume, suggesting that the buyer is not present yet and someone might be buying from the 50% tail of the candle using the IST (Smart Money) concept.
For purchases, it would be beneficial if the seller on outstanding volume pushed the price below 3626, and the buyer absorbed this attempt and brought the price back above 3626. Of course, this might not happen, and the price could reach 3901.
Sales can be sought from the seller's defense of 3901 or 3949. Below 3498 (the lower boundary of the range), sales can also be considered, but it is important to remember that 3301 may halt the seller, as this is where the buyer's zone on the daily timeframe begins (blue rectangle on the chart).
Purchases can be sought based on the idea of reaching 4093. Sales can be considered based on the idea of the buyer's weakness (May 23 candle).
Let's examine the lower timeframes to understand where purchases or sales can be found. The situation is clearly visible on the 2-hour timeframe. The price is in a range. The seller's vector 5-6 reached its obligatory target and the buyer's vector 6-7 started to develop with a potential target of 3901. The last two seller candles in vector 5-6 have increasing volume, while the two buyer candles in the beginning vector 6-7 have decreasing volume, suggesting that the buyer is not present yet and someone might be buying from the 50% tail of the candle using the IST (Smart Money) concept.
For purchases, it would be beneficial if the seller on outstanding volume pushed the price below 3626, and the buyer absorbed this attempt and brought the price back above 3626. Of course, this might not happen, and the price could reach 3901.
Sales can be sought from the seller's defense of 3901 or 3949. Below 3498 (the lower boundary of the range), sales can also be considered, but it is important to remember that 3301 may halt the seller, as this is where the buyer's zone on the daily timeframe begins (blue rectangle on the chart).
Good luck with your trading!
