In our previous analysis, we highlighted that the green zone (around $60–63) could act as a strong support level and prevent further price declines. As shown in the chart, the price did indeed react positively after entering this zone and has now recovered to the current level of $65.38.
Price Action Overview
Support Zone: The reaction within the green area confirms the strength of buyers. Multiple reversal candles and long lower wicks validate this support.
Bullish Scenario: If buying momentum continues, the price could move upward in the short term. The first target lies around the $70 level.
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Key Resistance: However, the red zone between $77–80 remains a major resistance, which has historically capped further rallies.
Bearish Scenario: On the other hand, if buyers fail to sustain the momentum and the price falls back below the green support zone, the next significant support would be around $55, as marked on the chart.
Conclusion
The recent price movement confirms our earlier analysis, showing that the green support zone has successfully held. The key question now is whether there is enough bullish strength for the market to push higher toward resistance levels. For the moment, the prevailing outlook favors a gradual upward move, unless renewed selling pressure drags the price lower again.
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