Recent price action is forming higher lows and higher highs, indicating a bullish reversal phase.
Price is currently pushing into a resistance zone around 8.90 – 9.00.
The moving average (red line) has been reclaimed, now acting as dynamic support.
Conclusion:
The structure has shifted from bearish to early bullish trend continuation.
Indicator Analysis (IA)Momentum Indicators
RSI (~58) → Bullish but not overbought → room to move higher.
Stochastic (~72) → Strong momentum, slightly elevated but not exhausted.
MACD (~0.03) → Bullish crossover confirmed.
Momentum is supporting continuation upward.
Moving Averages
Price is trading above MA5, MA10, MA20, MA50
Short-term MAs are stacked bullishly
Strong sign of trend alignment.
Support & Resistance
Support levels:
8.46 (short-term support / MA zone)
8.20 (strong structure support)
Resistance levels:
8.90 (current test level)
9.20 – 9.40 (next breakout zone)
Composite Score
Score: 100 / 100
Short-term: Bullish
Mid-term: Bullish
This confirms a high-probability bullish setup.
Entry Strategy Aggressive Entry (Breakout)
Entry: Above 8.90
Confirmation: Strong bullish candle close + volume
Target:
9.20 (TP1)
9.40 (TP2)
Stop Loss: 8.60
Best for momentum traders.
Conservative Entry (Pullback)
Entry: Around 8.50 – 8.60
Wait for:
Pullback into MA zone
Bullish candle confirmation
Target:
8.90
9.20+
Stop Loss: Below 8.30
Better risk/reward setup.
Risk Factors
Price is approaching resistance, so rejection is possible.
Overextension risk if chasing breakout without confirmation.
Watch for false breakout near 9.00.
Final Verdict
Trend: ✅ Bullish
Momentum: ✅ Strong
Setup: ✅ Breakout + Pullback opportunities
Bias: Buy on dips or confirmed breakout
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.
