Based on the data and charts
Analysis
1. Price Movement:
The price has been in a downtrend since reaching a recent high near $223.80 on January 3, 2025.
The RSI (Relative Strength Index) in the second chart is low (around 21.54), indicating oversold conditions and a potential bounce-back.
MACD shows bearish momentum with the histogram below zero and lines diverging downward.
2. Support Levels:
Key support exists around $182-$185 (visible from past lows and consolidation areas).
If this breaks, the next strong support is around $175, the lowest price seen in recent data.
3. Resistance Levels:
Immediate resistance lies near $200, coinciding with the moving averages.
Strong resistance is around $215-$220 based on prior peaks.
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Predictions:
Short-term Outlook: Prices may bounce back from the $182-$185 range, given oversold RSI and potential reversal from support.
Long-term Trend: The larger downtrend is intact unless the price breaks above $220.
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Entry and Exit Points:
Entry:
Around $182-$185 for a short-term rebound trade.
Add positions if the price consolidates above $200.
Exit:
Short-term: Target $198-$200.
Long-term: Target $215-$220, with a stop-loss below $175.
Always use proper risk management and keep an eye on news/events that could affect market sentiment.
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Using Fibonacci Retracement
we can identify key levels based on the recent high ($223.13) and low ($175.99) from the data provided. Here's the analysis:
Fibonacci Retracement Levels:
1. 0.0% (Low): $175.99
2. 23.6%: $186.94
3. 38.2%: $195.09
4. 50.0%: $199.56
5. 61.8%: $204.02
6. 100.0% (High): $223.13
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Key Action Points:
Entry Points:
$186.94 (23.6% retracement) for a conservative entry.
$195.09 (38.2%) if a bounce is confirmed.
Exit Points:
First target: $199.56 (50% retracement).
Second target: $204.02 (61.8%).
Stop-Loss:
Below $175.99, as breaking this low invalidates the Fibonacci levels.
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