A high likelihood of a mean reversion trade might be unfolding.
The price action is regarded as oversold.
A price action above 3900 supports a bullish trend direction.
Crossing below this level will negate the positive stance.
Further bullish trend confirmation for a price action above 4000.
Consolidation from 4000 to 4100. Crossing above 4100 might target 4400.
Crossing below 4000 will be the first sign of weakness.
MACD (lower panel) also confirmed a change in trend direction to bullish with the crossover.
Remains a risky trade as it is a countertrend trade.
The price action is regarded as oversold.
A price action above 3900 supports a bullish trend direction.
Crossing below this level will negate the positive stance.
Further bullish trend confirmation for a price action above 4000.
Consolidation from 4000 to 4100. Crossing above 4100 might target 4400.
Crossing below 4000 will be the first sign of weakness.
MACD (lower panel) also confirmed a change in trend direction to bullish with the crossover.
Remains a risky trade as it is a countertrend trade.