Moving Averages
200-period SMA (4-hour Chart): The current price is hovering near the 200 SMA at approximately 157.66, suggesting a critical level. If the price drops below this SMA, it could signal a bearish trend, whereas holding above it might support a bullish continuation.
Relative Strength Index (RSI)
Current RSI: Around 31.00, which is near the oversold territory. This low RSI may suggest that selling pressure is high, but it also opens the possibility for a bounce-back if buying interest increases.
Moving Average Convergence Divergence (MACD)
MACD Line: -2.28
Signal Line: -3.44
Histogram: Negative (-1.16), indicating bearish momentum. The MACD and Signal lines being in negative territory reflect the current downtrend, though a potential crossover could suggest a reversal.
Volume Analysis
Volume: Recent trading volume is around 49.064K, indicating moderate interest. Higher volume would be needed to confirm any breakout or reversal, whereas decreasing volume could imply further consolidation.
Support and Resistance Levels
Immediate Resistance: Around 170.00, where the price has faced recent selling pressure. A breakout above this level, especially with strong volume, could confirm a bullish reversal.
Local Support: Approximately 150.00, which aligns with recent lows and may act as a significant support level. A drop below this level with increased selling volume could confirm a continued bearish trend.
Bullish/Bearish Scenarios
Bullish Scenario:
Bounce from 150.00 Support: If the price can bounce off the 150 support level and break above 170 with strong volume, it may signal a bullish reversal.
Bearish Scenario:
Drop Below 150.00 Support: A break below this key support level could confirm further downside momentum, especially if volume increases.