

The chart shows a pronounced decline, with significant bearish indicators. The market sentiment suggests a cautious approach is needed as the potential for further volatility remains high.
Key support and resistance levels have shifted, with previous supports now acting as resistances, indicating a potential shift in overall market direction.
The chart displays a sharp bearish candlestick with a long body, indicating strong selling pressure.
There is a potential bearish engulfing pattern formed, suggesting a reversal from the previous upward trend.
The recent price action shows a bearish trend as indicated by the long red candle.
The MACD line is below the Signal line, confirming a bearish crossover which is a negative signal.
The histogram shows increasing red bars, indicating strengthening bearish momentum.
No significant divergence is visible between MACD lines and price action, as both confirm the downtrend.
There is a notable spike in volume accompanying the bearish candle, suggesting the move is supported by strong market participation.
The increase in volume supports the downward price movement, reinforcing the bearish sentiment.
The volume spike may indicate institutional selling or a strong shift in market sentiment.
The recent drop has breached the support at approximately 87,500.
A new support level may form around 85,000, but this needs confirmation.
The previous level around 90,000 now acts as resistance.
Given the bearish signals, a sell strategy might be appropriate for traders already holding positions.
Those looking to buy should wait for confirmation of support or a bullish reversal pattern.
Monitor if the price can sustain below the 87,500 level and look for further confirmation of bearish continuation or a reversal signal near the potential new support at 85,000.



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Secured By SSL. Copyright © Seekapa. All rights reserved. 2024
Company Information: This website (www.seekapa.com.com/) is operated by Bluepine Ltd, a Seychelles investment firm, authorised and regulated by the Financial Services Authority of Seychelles with license number SD183. Bluepine Ltd is located at Suite 205, 2nd Floor, Waterside Property Limited, Eden Island, Seychelles
Risk warning: Contracts for difference (‘CFDs’) is a complex financial product, with speculative character, the trading of which involves significant risks of loss of capital. Trading CFDs, which is a marginal product, may result in the loss of your entire balance. Remember that leverage in CFDs can work both to your advantage and disadvantage. CFDs traders do not own, or have any rights to, the underlying assets. Trading CFDs is not appropriate for all investors. Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance. Before deciding to trade, you should carefully consider your investment objectives, level of experience and risk tolerance. You should not deposit more than you are prepared to lose. Please ensure you fully understand the risk associated with the product envisaged and seek independent advice, if necessary. Please read our Risk Disclosure document.
Regional Restrictions: Bluepine Ltd does not offer services within the European Economic Area as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.
Bluepine Ltd does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of any financial product. Bluepine Ltd is not a financial adviser.