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Support Zone: The lower boundary is around $95.00 - $100.00. This area has consistently shown strong buying interest, as demonstrated by multiple successful retests. The price has recently rebounded from this zone, reinforcing its importance as a support level.
Resistance Zone: The upper boundary is around $120.00 - $130.00. This level has been tested multiple times, indicating significant selling pressure. A clear break above this zone could potentially lead to further upward movement.
Moving Averages: The price remains above the 200-period SMA on both the 4-hour and daily charts, indicating a strong upward trend. The daily SMA is currently at 94.57, and the 4-hour SMA is at 98.83.
Volume Analysis: There is notable trading volume around the support and resistance levels, suggesting active trader participation. This volume pattern could lead to potential reversals or breakouts, depending on market reactions at these critical zones.
MACD and RSI: The daily MACD shows a positive trend, with the MACD line at 2.31, the signal line at 2.10, and the histogram at 0.22, indicating ongoing bullish momentum. The RSI is at 72.41, nearing overbought territory, which might signal a short-term consolidation or correction.
Bullish Potential: A successful break above the resistance zone at $120.00 - $130.00, supported by strong volume, could indicate a continuation of the bullish trend, with potential targets higher up.
Bearish Risk: Failing to break the resistance and a possible reversal below the 200-period SMA might see the price retesting the support zone around $95.00 - $100.00, signaling a potential bearish phase or consolidation.
The analysis and opinions expressed here are based on the technical indicators and market conditions as of the date of this report. This content is provided for informational purposes only and does not constitute financial, investment, or trading advice. Always conduct your own research, consider your financial situation.
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