1. Technical Analysis & Indicators

Support and Resistance Levels:

Support: There is an immediate support level near 162.7, which is the recent 24-hour low. Another lower support level exists around 146.8, where there was a previous bounce.

Resistance: The key resistance level to watch is 170.0, the recent 24-hour high, with a more significant resistance at 185.0, where a peak was previously formed.

Moving Averages:

MA(5) (yellow line) is below MA(10) (purple line), which suggests a short-term bearish trend. This indicates that downward momentum is still strong.

Volume has generally decreased, which may suggest that interest in buying at current levels is declining. However, there’s still notable activity, suggesting that a breakout or breakdown could happen soon.

Stochastic Oscillator:

The K line (15.6) is below the D line (26.2), and both are in the oversold range, indicating the possibility of a reversal if buying pressure resumes.

2. Set Three Target Levels

Target 1 (Short-Term): $167.0

A rebound to this level could occur if there is an immediate recovery in the market. This is slightly above the current price and would be the first resistance point.

Target 2 (Mid-Term): $170.0

This aligns with the recent 24-hour high and acts as a crucial level. Breaking this resistance could signal a potential shift in trend back to bullish momentum.

Target 3 (Long-Term): $185.0

A longer-term target, considering significant resistance at the previous high. Reaching this level would require a sustained uptrend and increased volume.

3. Trade Signal Recommendation

Recommendation: Watch for Buy / Possible Hold

Reasoning:

The oversold signals on the stochastic oscillator and support near 162.7 may provide an opportunity for a reversal, especially if buying volume increases. However, confirmation is needed with a close above the MA(5) line and ideally over the $167.0 level. Otherwise, the downward trend may persist.

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