Market Structure: The price is trading within a channel pattern, respecting both support and resistance levels. Currently, it is near the upper boundary of the channel, indicating possible resistance.
Forecast: Wait for a retest of the channel resistance before considering a sell position, as confirmation is required to validate a potential move downward.
Key Levels to Watch: Entry Zone: After a retest and rejection from the upper boundary of the channel. Risk Management: Stop Loss: Placed above the channel resistance or recent swing high. Take Profit: Target the midline or lower boundary of the channel for potential downside movement.
Market Sentiment: The setup suggests a cautious bearish bias, but confirmation signals are needed before executing a trade.