Trend: The price has been in an uptrend (series of higher highs and higher lows), peaking at a swing high, followed by a significant pullback. Structure: A potential bearish reversal pattern is present as the price breaks below a trend line and tests lower levels.
Key Levels:
Swing High: ~25,890.41 (serves as resistance). Entry Point: 24,547.29 (current short trade entry). Stop Loss (SL): ~25,890.41 (protects against further upward movement). Take Profit (TP): TP1: 23,204.16 TP2: 21,861.04 TP3: 20,517.91 TP4: 19,174.78
ATR (Average True Range): Suggests volatility, helping set dynamic stop-losses. RSI: Moderate level, indicating no extreme overbought/oversold condition. Market State: Bearish with ranging price movement. Accuracy of Current Strategy: 83.32% historically.
Patterns such as breakouts from trend-lines (as shown) often align with bearish movements if supported by volume or macro conditions. Based on historical data from the reference material, triangles, flags, and descending patterns in a downtrend reinforce bearish momentum.
Action: Sell (short trade). Stop-Loss: Set at ~25,890.41. Take-Profit: Conservative: TP1 ~23,204.16. Aggressive: Lower targets (TP3 or TP4).