Following the recent geopolitical tensions between Israel and Iran, we saw a sharp sell-off, which broke down from a key support zone. Currently, price action is consolidating within a rising wedge (bearish structure) on declining volume.
The trend remains bearish overall. I expect a potential relief bounce toward the $150 zone, where multiple EMAs and the edge of the Ichimoku cloud could act as resistance. If rejected there, my first downside target is $136 a key horizontal level from previous structure.
Keep in mind: this move is heavily news-driven, so headlines could continue to impact price action significantly.
RSI is still below 50 and struggling to break trendline resistance, which supports the bearish bias.
The trend remains bearish overall. I expect a potential relief bounce toward the $150 zone, where multiple EMAs and the edge of the Ichimoku cloud could act as resistance. If rejected there, my first downside target is $136 a key horizontal level from previous structure.
Keep in mind: this move is heavily news-driven, so headlines could continue to impact price action significantly.
RSI is still below 50 and struggling to break trendline resistance, which supports the bearish bias.
Misho
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