On the daily timeframe, the sideways movement that began in March continues. Yesterday, the seller pushed the price back below the upper boundary of the range at 645.2. The closing candle had a good spread and volume, confirming the seller's strength. The current seller's vector is 9-10, with a potential target at 508. The nearest obstacle for the seller is at 586.5. The price is close to 50% of the last buyer's impulse (608.8), from which a buyer's movement might start.
On the hourly timeframe, there is a short-term downtrend. The last seller's impulse started at 653.7, and a seller's zone has formed at the base of this impulse (indicated by the red rectangle on the chart). It is preferable to look for selling opportunities in this seller's zone (645-654). However, the price may not return to this zone.
Currently, selling opportunities can be sought if the seller defends the level of 645.2, as an idea to realize the seller's vector 9-10 within the daily timeframe range.
There is no context for buying at the moment.
On the hourly timeframe, there is a short-term downtrend. The last seller's impulse started at 653.7, and a seller's zone has formed at the base of this impulse (indicated by the red rectangle on the chart). It is preferable to look for selling opportunities in this seller's zone (645-654). However, the price may not return to this zone.
Currently, selling opportunities can be sought if the seller defends the level of 645.2, as an idea to realize the seller's vector 9-10 within the daily timeframe range.
There is no context for buying at the moment.
Good luck with your trading!
Daily levels are:
➡️ 635.4 (test of the buyer by the seller's candle, which brought the price back into the range),
➡️ 645.2 – the upper boundary of the range on the daily timeframe.
The level of 635.4 on the daily timeframe is also the upper boundary of the range on the 2-hour timeframe (point 3 of the range), so on this timeframe, you can look for signs of the seller defending the level.
On the hourly timeframe, you can look for sales from the upper boundary of the range at 612.5, with a potential target of 599.8 (next targets are 594.5 and 590).