$IDEX 30-minute chart: BUY/SELL Levels
Key Observations:
1. Price Action:
- The price had a strong move up to $0.05421, followed by a pullback.
- Currently, the price is consolidating around $0.04663 after the pullback.
2. Support and Resistance:
- Resistance: $0.04841 and $0.05421.
- Support: $0.04267 and $0.03899.
3. RSI Analysis:
- The RSI shows a recent bear signal, indicating the potential for a downtrend or consolidation.
- However, RSI is now moving up from oversold levels, showing some bullish signs.
4. Patterns:
- Bearish Divergence: There's a bearish divergence earlier, which led to the price drop from the recent highs.
- Descending Triangle: The price is forming a descending triangle, which usually suggests a bearish breakout.
Trading Strategy:
1. Buy Levels:
- Aggressive: Buy around $0.04663 if RSI continues to rise. Stop Loss: $0.045.
- Conservative: Buy at $0.04267 (support level). **Stop Loss: $0.041.
2. Sell Levels:
- Take Profit:
- First target at $0.04841.
- Second target at $0.05421.
- Aggressive Sell: Sell if price struggles at $0.04841 with Stop Loss at $0.049.
3. Stop Loss: Keep a tight stop below the nearest support due to potential high volatility.
4. Watch For:
- RSI Breakout: A continued RSI rise could indicate a bullish reversal.
- Volume: Look for a spike in volume to confirm any breakout.
Conclusion:
The price is consolidating with potential for either a breakout or further drop. Watch key levels and RSI closely to determine your entries and exits. Stay sharp!
