The sell entry at 2,646 is just below the key 78.6% Fibonacci retracement level (2,650), a strong resistance zone. This aligns well with the rejection of bullish momentum near the higher Fib levels.
Technical Patterns:
A Bearish Pennant pattern is visible, signaling a continuation of the downtrend. Price action is forming lower highs, adding strength to the bearish bias. Indicators:
Momentum: Indicators show weakening bullish momentum, aligning with the rejection near 2,650. EMAs: Short-term EMAs are flattening, indicating a potential bearish crossover.