#WLD experienced a sharp decline after facing resistance in the $2.06-$2.11 range and is nearing a trendline where a potential bounce is anticipated. Key details include:
**1. Resistance Rejection:** WLD dropped from the resistance zone of $2.06-$2.11.
**2. Trendline Approach:** A bounce may occur as WLD approaches this level.
**3. Support Zone:** $1.65 is critical for confirming any potential reversal.
**Technical Indicators:**
- **RSI Oversold:** The Relative Strength Index is at 30, signaling a buying opportunity.
- **MACD Divergence:** The Moving Average Convergence Divergence indicates a potential trend reversal.
**Price Levels:**
- **Trendline Support:** Positioned at $1.65.
- **Resistance Zone:** Located between $2.06-$2.11.
- **Breakout Target:** A target of $2.20 if a breakout occurs.
**Trading Strategy:**
- **Long Position:** Enter when the price is above $1.65.
- **Stop-Loss:** Place stop-loss below $1.50.
- **Risk-Reward Ratio:** Set at 3:1.
**Expert Insights:**
WLD's rejection from key resistance and its approach to the trendline suggests a potential bounce. Traders should closely observe price action around $1.65 for rejection to confirm a reversal.
