MartClues AI Trade Alert: Support Level Break
Event:
Broke through Support at 1,805.1125 on August 29, 3:30 UTC.
Trade Setup:
Forecast: Possible bearish price movement towards 1,789.0658 within the next 1 hour.
Strategy Consideration:
Momentum Traders: Given the recent break below support, consider entering a short position with a target near 1,789.0658. The momentum following the breach of support could push the price lower in the short term.Risk Management: Place a stop loss just above the broken support level (1,805.1125) to protect against a potential reversal or false breakout.
Support and Resistance:
Nearest Support: The next key support level is 1,789.0658, which could act as a potential target.Nearest Resistance: 1,805.1125, now a resistance level after the breakdown.
Actionable Strategy:
Short Entry: Enter a short trade with a target at 1,789.0658, keeping an eye on momentum indicators like MACD and RSI for any signs of weakening bearish momentum.Price Alert: Set a price alert for potential reversals or if the price nears the target support.
