$COMP - SHORT Setup
Entry: 25.38 – 25.50 (On rejection from this resistance confluence)
Target 1:24.90
Target 2:24.40
Stop Loss:25.62 (Above the 24h high)
My View:
COMP is entrenched in a strong,long-term downtrend, as evidenced by significant declines over the past 90 days (-35.66%) and 1 year (-70.94%). The price is currently in a weak retracement, approaching a critical resistance zone. This zone is defined by the 24h high (25.48) and a previous support level that is now acting as resistance. The order book shows a balanced but immediate Ask wall just above the current price, capping upward movement. Price action shows a clear breakdown structure, with the current bounce lacking volume and momentum, characteristic of a corrective move. The plan is to initiate a short position on a confirmed rejection from the defined resistance area, anticipating a continuation of the primary downtrend towards the recent low and potentially lower support levels.
Bias: Bearish below 25.50. A break and hold above 25.62 would signal a stronger corrective bounce is in play.
Disclaimer:My plan. Not advice. Trade your own risk.
