Bullish Scenario (Breakout Long):
Trigger: A decisive break above the resistance confluence (~2,500) with a daily close. Ideally, look for increased volume to confirm conviction.
Entry Strategy: Wait for a retest of the broken resistance as new support (e.g., pullback to 2,480-2,500). This reduces false breakout risk. Enter long on a bounce from there.
Targets:
Initial: 2,600
Extended: aiming for 2,800-3,000.
Stop Loss: Below the retest low or recent swing low (~2,400) to protect against whipsaws.
Bearish Scenario (Rejection Short):
Trigger: A "top signal" like a bearish engulfing candle, shooting star, or failed breakout at the resistance. Confirm with volume spike on the downside.
Entry Strategy: Enter short on confirmation, targeting the lower channel line or dotted midline.
Targets:
Initial: ~2,100
Extended: ~1,800-1,900
Stop Loss: Above the recent high (~2,500) or the trendline to invalidate the short.
Rationale: Triple tops often resolve bearishly in downtrends.
Trigger: A decisive break above the resistance confluence (~2,500) with a daily close. Ideally, look for increased volume to confirm conviction.
Entry Strategy: Wait for a retest of the broken resistance as new support (e.g., pullback to 2,480-2,500). This reduces false breakout risk. Enter long on a bounce from there.
Targets:
Initial: 2,600
Extended: aiming for 2,800-3,000.
Stop Loss: Below the retest low or recent swing low (~2,400) to protect against whipsaws.
Bearish Scenario (Rejection Short):
Trigger: A "top signal" like a bearish engulfing candle, shooting star, or failed breakout at the resistance. Confirm with volume spike on the downside.
Entry Strategy: Enter short on confirmation, targeting the lower channel line or dotted midline.
Targets:
Initial: ~2,100
Extended: ~1,800-1,900
Stop Loss: Above the recent high (~2,500) or the trendline to invalidate the short.
Rationale: Triple tops often resolve bearishly in downtrends.
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.