On the 1-hour chart of the US100, we can see a sharp correction bringing the price into a key demand zone highlighted in green. This area has previously acted as a strong support, leading to bullish reactions and upward momentum.
After the recent selling pressure, the price has re-entered this zone, suggesting a potential short-term bullish reaction. However, the overall market structure still shows attempts to maintain a medium-term uptrend.
Possible Scenario:
Given the current price behavior, the market is likely to consolidate within this zone, absorb liquidity, and then form higher lows before pushing upward.
If a bullish reaction is confirmed from this area, the first target zone can be set around 24,800–25,000.
Alternative Scenario:
If the price fails to hold above the green zone and closes a strong candle below 24,350, we could see an extended correction toward the next support area near 24,150.
Summary:
The current level is critical for buyers. Price action over the next few candles will likely define the next directional move.
As long as higher lows are maintained, the overall market bias remains bullish.
Submit Your Comments
(Replying)
Please keep in mind to avoid offensive keywords and also fake information.
Be the first one to comment.