The chart illustrates a clear shift from a prolonged bearish trend into a consolidation phase, followed by a strong bullish breakout. Initially, price moved within a well-defined descending channel, confirming sustained selling pressure. After reaching a key demand zone, the market formed a sideways accumulation range, indicating absorption of selling liquidity and building bullish strength.
Price has now decisively broken above the range and the Ichimoku Cloud, signaling a strong change in market structure and momentum. The breakout is supported by impulsive bullish candles, showing aggressive buyer entry.
Currently, price is holding above a newly formed support zone (previous resistance), suggesting a healthy continuation setup. If this level holds, the market is likely to continue upward toward the projected targets:
First Target: 2,426.53 (intermediate resistance)
Final Target: 2,481.49 (major supply/liquidity zone)
Overall, the structure supports a bullish continuation scenario, where pullbacks into the support zone may offer potential buying opportunities, as long as price remains above the breakout level and cloud support.
Price has now decisively broken above the range and the Ichimoku Cloud, signaling a strong change in market structure and momentum. The breakout is supported by impulsive bullish candles, showing aggressive buyer entry.
Currently, price is holding above a newly formed support zone (previous resistance), suggesting a healthy continuation setup. If this level holds, the market is likely to continue upward toward the projected targets:
First Target: 2,426.53 (intermediate resistance)
Final Target: 2,481.49 (major supply/liquidity zone)
Overall, the structure supports a bullish continuation scenario, where pullbacks into the support zone may offer potential buying opportunities, as long as price remains above the breakout level and cloud support.
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Note
I had marked this level as a target a few days ago, but the market has broken the support. Now, price can still move upward from this zone as it’s a strong support. However, if this level breaks decisively, the market may continue to the downside.
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