Market Structure & Key Levels
Resistance Zone: Price reacted from this supply area, showing short-term rejection after BOS (Break of Structure) to the upside.
FVG (Fair Value Gap): Price is expected to retrace into this imbalance zone for demand before resuming higher. Watch for bullish price action here.
Weak Low: If price breaks this low, the bullish scenario becomes invalid and deeper downside may follow.
Structure Highlights:
BOS (Break of Structure): Several BOS points confirm previous bearish trend and recent short-term bullish correction.
CHoCH (Change of Character): Marked at the base of reversal near FVG zone, indicating possible trend shift.
EMA Confluence: Price hovering around short EMAs, showing possible slowdown and setup for a pullback.
Trade Scenario
Expected Move:
Price could retrace to the FVG zone (imbalance fill) before a bounce.
From there, bullish momentum may resume toward the target zone above resistance.
Bullish Confirmation:
Look for price to tap into the FVG, form bullish structure (e.g., BOS, CHoCH), and engulfing patterns or lower-timeframe entries.
Target would be near recent highs or break above resistance at ~$59.90–60.00.
Invalidation:
Break below the Weak Low would invalidate this bullish setup and open room for further downside.
Resistance Zone: Price reacted from this supply area, showing short-term rejection after BOS (Break of Structure) to the upside.
FVG (Fair Value Gap): Price is expected to retrace into this imbalance zone for demand before resuming higher. Watch for bullish price action here.
Weak Low: If price breaks this low, the bullish scenario becomes invalid and deeper downside may follow.
Structure Highlights:
BOS (Break of Structure): Several BOS points confirm previous bearish trend and recent short-term bullish correction.
CHoCH (Change of Character): Marked at the base of reversal near FVG zone, indicating possible trend shift.
EMA Confluence: Price hovering around short EMAs, showing possible slowdown and setup for a pullback.
Trade Scenario
Expected Move:
Price could retrace to the FVG zone (imbalance fill) before a bounce.
From there, bullish momentum may resume toward the target zone above resistance.
Bullish Confirmation:
Look for price to tap into the FVG, form bullish structure (e.g., BOS, CHoCH), and engulfing patterns or lower-timeframe entries.
Target would be near recent highs or break above resistance at ~$59.90–60.00.
Invalidation:
Break below the Weak Low would invalidate this bullish setup and open room for further downside.
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.