The price has bounced from weekly support WS1 and currently trading above it. The next resistance is weekly resistance WR1 sitting around 165-195 zone. The price is headed towards this zone and in coming days or weeks it is going to hit this zone. However, there should be some pullback there. The next resistance zone beyond WR1 is weekly resistance WR2 sitting around 235-255. It is possible that after having some pullback at WR1, the price will eventually break WR1 and aim for WR2. However, WR2 is going to be strong supply zone and will push the price down again. I see still a possibility for the price to come down from WR2 to test weekly support zone WS2. But thats quite far yet, therefore, lets stick to the movement till WR2 and then we reevaluate the price action based on the reaction when the price hits WR2.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.