Moving Averages
200-period SMA (15m Chart): The price is currently below the 200 SMA, positioned around 629.61, indicating a potentially bearish trend. If the price remains below this level, it could suggest further downside pressure. A move above the SMA could signal a bullish reversal.
Relative Strength Index (RSI)
Current RSI (15m Chart): Approximately 45.53, suggesting neutral to slightly bearish momentum. This level shows no extreme conditions, allowing for potential movement in either direction depending on volume and momentum shifts.
Moving Average Convergence Divergence (MACD)
MACD Line: Around 0.81
Signal Line: Slightly below the MACD line with a negative histogram, indicating weak bearish momentum. If the MACD line diverges further below the signal line, it may support continued bearish momentum.
Volume Analysis
Volume: The recent volume shows moderate trading activity with occasional spikes. Sustained high volume could support a reversal if buyers return, while low volume may indicate reduced momentum and potential for further downside.
Support and Resistance Levels
Immediate Resistance: Around 620.00, which could act as a barrier if the price attempts to recover.
Local Support: Around 600.00, providing a nearby stabilization level. A fall below this support could indicate further bearish momentum.
Bullish/Bearish Scenarios
Bullish Scenario:
Break Above 620.00 Resistance: If the price manages to overcome this resistance level with strong volume, there could be potential for further gains.
Bearish Scenario:
Break Below 600.00 Support: If the price fails to hold above this support, bearish momentum could increase, leading to further downside potential.