The chart shows a bullish channel forming after breaking out from a prior consolidation zone. The price is currently testing the lower boundary of the channel. Key Fibonacci Levels:
The price is reacting near the 61.8% Fibonacci retracement level (44,888), which is a critical support zone. Further downside could test 44,782 (50% Fib).
RSI:
The RSI is showing a bearish divergence (lower highs on RSI vs higher highs on price), indicating potential weakening of bullish momentum. Support and Resistance:
Support: 44,888 (Fib 61.8%) and channel support. Resistance: 45,105 (channel top) and 45,030 (Fib 78.6%).
What to Do: If Bullish:
Look for price to hold above 44,888 and the lower boundary of the bullish channel. Entry: Buy near support with a target toward 45,030 or higher. Stop-loss: Below 44,780.
If Bearish:
If the price breaks below 44,888 and the channel, consider a short. Entry: Sell on a confirmed breakdown with targets toward 44,782 or 44,613. Stop-loss: Above 44,950.
Neutral Approach:
Wait for a clear breakout or breakdown from the current channel to confirm direction. Focus on volume and RSI behavior for further confirmation of trend continuation or reversal.