Chart Observations
Price Action:
The price is currently at $15.335, up 10.90% for the day.
It is near resistance at $15.911 (recent high on the chart).
Moving Averages (MA):
MA(7) (Yellow) is $15.036: The price is trading above MA(7), indicating short-term bullish momentum.
MA(25) (Pink) is $15.032: The crossover of MA(7) above MA(25) is a bullish signal.
MA(99) (Purple) is $14.289: The price is well above MA(99), suggesting a strong upward trend on this timeframe.
Volume:
High volume spikes indicate strong participation, possibly due to buying pressure.
Candle Patterns:
The recent green candles suggest buying interest. However, there are wicks on the candles, which could indicate some selling pressure near resistance levels.
Key Levels
Resistance: $15.911 (previous swing high).
Support: $15.223 (previous low); $14.536 (stronger support based on the chart).
Trading Recommendation
Long Entry:
Enter above $15.911 (resistance breakout).
Confirmation needed with strong volume and a green candle close above resistance.
Short Entry:
Enter below $15.223 (support breakdown).
Ensure confirmation of downward momentum with high sell volume.
Stop-Loss (SL):
For long: Place SL around $15.223 or below recent swing low.
For short: Place SL around $15.911 or above recent swing high.
Take-Profit (TP):
For long: TP1 at $16.00; TP2 at $16.50.
For short: TP1 at $14.536; TP2 at $14.00.
Trade Duration
Since the analysis is on a 15-minute chart, trades should typically last a few hours to a day (intraday).
Candle Patterns
Look for strong green bullish engulfing candles for long entries.
Look for bearish engulfing candles or Doji near resistance for potential reversals.
Conclusion
Bullish Bias: Momentum and price action suggest a continuation of the upward trend if resistance is broken.
Risk Management: Use tight stop-loss levels due to potential reversals at key levels.
