$BAL is showing a descending channel pattern on the 1-day chart, indicating a continued bearish trend. The price is currently hovering around $1.874, with immediate resistance at the upper trendline of the channel near $1.95 and support at the lower trendline around $1.52.
Current Price: $1.874
Resistance Levels:
• First Resistance: $2.99
• Second Resistance: $4.69
Support Levels:
• First Support: $1.52
• Second Support: $1.29
Potential Trade Setups:
• Long Trade: If $BAL breaks above the upper trendline of the descending channel around $1.95, consider entering a long position with targets at $2.99 and $4.69. Set a stop loss below $1.74 to manage risk.
• Short Trade: A rejection at the upper trendline could signal further downside. Enter a short position targeting $1.52 and $1.29, with a stop loss above $1.95.
Keep a close watch on volume and price action around these key levels for better trade confirmation.
