🚀
$NMR Idea (1-Hour Chart) 🚀
▶️ Entry Zone: 11.503 (Current price)
🛑 Stop Loss: 9.707 (24h Low)
🎯 Take Profit 1: 12.564 (200 EMA)
🎯 Take Profit 2: 14.511 (Next resistance level)
📊 Analysis:
* Price is currently below the 200 EMA, indicating a bearish trend on the larger time frame.
* Recent price action shows a rebound, suggesting potential short-term bullish momentum.
* RSI(7) at 60.103 and RSI(14) at 57.393 indicate bullish momentum but are not yet overbought.
* MACD line is above the signal line, and the MACD histogram is positive, indicating bullish momentum.
The current setup suggests potential for a short-term bullish reversal, with indicators pointing towards a continuation of the uptrend. However, it's important to note the price is still below the 200 EMA, indicating the broader trend remains bearish.
⚠️ Caution:
* The broader trend remains bearish as the price is still below the 200 EMA.
* Use tight stop-loss orders to manage risk in this highly volatile market.
* Consider smaller position sizes due to the potential for a counter-trend move.
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