Hi traders and investors!
On the daily timeframe, the seller’s initiative remains in control, with the base of the initiative at the 3,658 level.
On the monthly timeframe, a seller zone has formed at the upper boundary of the range, which triggered a short reaction on the daily chart. This seller move reached the 2,775 level, after which the buyer became active.
All price action above the 3,177 level looks like a manipulation — a false breakout of the level. If this scenario plays out, the first target is 2,888, followed by 2,775.
The next target of the daily timeframe initiative is 2,716, and there is also a high probability of a test of the lower boundary of the initiative around 2,623.
Below 3,030, we may see a buyer reaction, potentially pushing the price higher. If the price holds above 3,240, this short scenario will most likely be invalidated, and it will be necessary to assess whether the buyer has taken control of the initiative.
