WLD on the 4H timeframe is currently trading around 0.2346 inside a well-defined descending parallel channel that has been guiding price lower since the April highs near 0.3250.
Price attempted a recovery rally from the lower channel boundary in early May, pushing up toward the descending resistance near 0.2900 before being rejected and selling back down. It is now pressing directly into the lower channel boundary near 0.2290–0.2330, which has held as the floor of this structure twice before.
The descending resistance trendline has capped every recovery attempt throughout this chart.
Key Levels To Watch
0.2900–0.2950 → Descending resistance trendline, upper boundary
0.2800 → Minor resistance, prior rejection zone
0.2470–0.2530 → Prior consolidation zone, now resistance
0.2370 → Horizontal support, current area
0.2290–0.2330 → Lower channel boundary, current test
Below 0.2225 → Full channel breakdown, new lows likely
The lower channel boundary has been tested twice before and produced meaningful bounces each time. Price is now approaching it for a third test after a failed rally attempt was fully rejected at the descending resistance.
A hold at the lower channel boundary near 0.2290–0.2330 would set up a potential third bounce toward the mid-channel area and descending resistance.
A breakdown below 0.2290 would resolve the channel to the downside and open room toward 0.2225 and below with no visible support.
This is the third test of lower channel support.
Hold 0.2290–0.2330 → bounce possible, eyes on 0.2500–0.2800.
Lose 0.2290 → channel breaks down, new lows toward 0.2225 and below.
Bearish structure dominant while inside descending channel.
Bias only changes on confirmed break above descending resistance.
