The 4-hour chart shows an expanding wedge pattern, which typically appears in major top areas, indicating increased divergence between bulls and bears and greater volatility. The RSI is above 50 and the MACD histogram is still red, indicating that there is still upward momentum in the short term. However, if the price fails to break through the resistance zone of $106-$108, the risk of a pullback will increase significantly. However, the current market trend is dominated by geopolitical risk premiums, while supply and demand fundamentals are temporarily secondary.
First support: $100
Core support: $97.50
First resistance: $105
Core resistance: $106.70-$108
Current trading strategy: If the price retraces to the $100 level and stabilizes, consider a small long position.
If the price rebounds to the $106-$106.5 resistance zone, consider a short position.
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First support: $100
Core support: $97.50
First resistance: $105
Core resistance: $106.70-$108
Current trading strategy: If the price retraces to the $100 level and stabilizes, consider a small long position.
If the price rebounds to the $106-$106.5 resistance zone, consider a short position.
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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.