The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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Last week, a prominent candlestick combination, an absorption pattern, was formed. However, we have not seen a confirmation or any progress on the bearish bias. This might be due to the month-end. The bears may summarize the results and return to focusing on strengthening their positions at the start of the new month. To do this, it will be crucial for them to break through the daily cloud, reinforced by weekly support levels (2266.76 – 2210.96). If the bears fail to achieve their goals, the bulls will recover their positions, reclaiming the highs to continue the upward trend. In these conditions, they will face the resistances of the daily Ichimoku cross (2363.17 – 2385.81) and the psychological levels of 2400 and 2450 that were previously tested.
The bears have the main advantage on the lower timeframes. However, the market is closely approaching the resistance of the weekly long-term trend (2344.22). Testing, breaking through, and reversing this level could shift the balance of power in favor of the bulls. In this case, the targets for the upward movement will be the resistances of the classic Pivot levels, currently located at 2355.04, 2372.68, and 2383.16.
If the price bounces off and resumes the decline, it will initially be important to exit the correction zone (2322.06) and then proceed to test the supports of the classic Pivot levels (2316.44 – 2298.80).
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The technical analysis of the situation uses:
Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels
Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
