The chart has highlighted gray areas indicating significant support and resistance zones. The upper gray area around the $54-$56 range marks a resistance level where the price previously faced selling pressure.
The lower gray area around the $42-$44 range indicates a support level where the price found buying interest.
The CHoCH label indicates a point where the market structure shifted. In this context, it likely marks a change from a bearish trend to a bullish trend.
The current price is $48.49, showing a slight upward move (+1.63%) from the previous close. The price action suggests an attempt to break above the resistance formed at the recent highs.
The overall sentiment from the chart indicates a potential bullish reversal, especially if the price continues to hold above the key Fibonacci levels and maintains upward momentum. However, it needs to break and hold above the resistance levels for a more confirmed bullish trend.
Action plan:
Entry: Consider entering a long position if the price breaks and holds above the resistance level around $48.49 with strong volume.
Targets: towards the resistance zone around $54-$56.
Stop Loss: Place a stop loss below the 61.8% Fibonacci retracement level ($45.67) or below the recent swing low for better risk management.
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