The Daily chart is showing signs of a bullish reversal after finding strong support, indicating the larger uptrend may be ready to resume. After a significant corrective phase, the price has stabilized and is building a base above the 116.710 support level. This consolidation on a higher timeframe suggests that selling pressure is exhausted and buyers are beginning to accumulate positions.
The trigger for a high-probability entry is now materializing on the lower timeframes. We are looking for the 1H RSI to decisively cross above the 50 midline, which would signal a shift from bearish/neutral momentum to bullish control. A corresponding move on the 1H price chart above the short-term EMAs would confirm this change in character. Entering now positions us to capture the initial impulse of a potential new leg up, leveraging the strong daily support as a foundation. The risk is well-defined below the recent lows, offering an attractive risk-to-reward ratio for a swing trade targeting a retest of former support levels which have now become resistance.
Actionable Setup Now (LONG)
Entry: market at 125.14
TP1: 132.00
TP2: 148.00
TP3: 158.50
SL: 115.90
