NMR price action on the 4-hour time frame respects the horizontal resistance level, which lies in the range of $15.345 - $14.875. This zone is a significant barrier and price is currently consolidating slightly below it.
If the price action breaks this resistance, we could see a short-term pullback before moving further higher. Traders should keep a close eye on this level, as a confirmed breakout followed by a retest could signal a strong buying opportunity.
Key Insights:
Horizontal Resistance: The price is currently testing an important resistance level, and its breakdown could lead to further growth.
Short-Term Pullback: It is common to see a short-term pullback at these resistance levels before a sustained move higher.
Why is it important:
Understanding key resistance levels helps traders make informed decisions. A break of resistance often leads to significant price movements, while a pullback can indicate a potential decline.
Team Recommendation:
We recommend keeping a close eye on the resistance level of $15.345 - $14.875. A breakout and successful retest above this zone will be a strong buy signal. Otherwise, if price is rejected at this level, consider waiting for a more favorable time to enter.
Management of risks:
Set stop losses below support levels to limit potential losses in the event of a bearish scenario. Use a trailing stop to protect profits as prices rise.
Monitoring:
Watch for increased trading volumes at the resistance level. Higher volumes may confirm the strength of the breakout. Stay up to date with market news that may impact NMR prices.
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