After the 3740 → 3790 rally, upside momentum has weakened. Therefore, 3790 is likely a temporary top, and a short-term pullback may begin from here. However, we cannot rule out a retest of the top area or even a marginal higher high today before a sharper correction develops.
📉 Analysis
• After the push to 3,790, price rotated within 3,778–3,788 and then broke the lower bound (3,778) on high volume. This supports the view that a swing high formed at 3,790. However, price is currently drifting higher on lighter volume, so a retest of the top or even a marginal higher high before the pullback remains possible.
• Resistance zones: 3,784.5–3,787, 3,794–3,796.
• Key support zones: 3,746–3,744, 3,723–3,718.
📊 Trading Plan
• Wait for reversal signals with heavy volume at the marked support/resistance zones.
• Highest-probability trigger: an 5m engulfing candle with high volume when price taps these levels.
Example: As in ENTRY 1, if an 5m engulfing candle prints with high volume (as indicated by Superior Volume) at a marked support/resistance zone, entry on the candle close.
• Entry on the signal and place the stop just above the signal candle (or above the resistance zone). Move to break-even at +1R.
📉 Analysis
• After the push to 3,790, price rotated within 3,778–3,788 and then broke the lower bound (3,778) on high volume. This supports the view that a swing high formed at 3,790. However, price is currently drifting higher on lighter volume, so a retest of the top or even a marginal higher high before the pullback remains possible.
• Resistance zones: 3,784.5–3,787, 3,794–3,796.
• Key support zones: 3,746–3,744, 3,723–3,718.
📊 Trading Plan
• Wait for reversal signals with heavy volume at the marked support/resistance zones.
• Highest-probability trigger: an 5m engulfing candle with high volume when price taps these levels.
Example: As in ENTRY 1, if an 5m engulfing candle prints with high volume (as indicated by Superior Volume) at a marked support/resistance zone, entry on the candle close.
• Entry on the signal and place the stop just above the signal candle (or above the resistance zone). Move to break-even at +1R.
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.