The weekly and daily timeframes indicate this is a good buying opportunity in the demand zone. The 4 hour and 1 hour timeframes can be used to enter the trade. Upside potential is towards filling the bullish fair value gaps and supply zones on higher timeframes.
Weekly Timeframe
Waheed’s Analysis
The price is currently testing the weekly demand zone 1 between 79.5-63.67. This is a good support area. Above this, the first resistance is at 48.64 followed by the major supply zone 1 between 204.75-168.49. The bullish fair value gap between 97.14-79.05 needs to be filled for the trend to turn bullish.
Support and Resistance Levels
S/R Type | High | Low |
Support #1 | 48.64 | 26.77 |
Resistance #1 | 135.22 | 121.27 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 204.75 | 168.49 |
Demand Zone
Zone Number | High | Low |
Demand Zone #1 | 79.5 | 63.67 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bullish FVG #1 | 97.14 | 79.05 |
Bearish FVG #1 | 167.67 | 157.80 |
Daily Timeframe
The price is inside the daily demand zone 1 between 84.14-81.03. This is a good buying opportunity. Above this, resistances are at the 0.382 and 0.50 Fibonacci retracement levels of 102.19 and 95.05 respectively. The supply zone 1 between 143.51-125.82 will act as major resistance. The fair value gaps between 90.34-84.14 and 81.03-76.37 need to be filled.
Fibonacci Retracement Levels
0.382 | 102.19 |
0.50 | 95.05 |
0.618 | 87.65 |
0.786 | 77.06 |
0.882 | 71.06 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 143.51 | 125.82 |
Demand Zone
Zone Number | High | Low |
Demand Zone #1 | 84.14 | 81.03 |
Demand Zone #2 | 76.37 | 67.00 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
FVG #1 | 90.34 | 84.14 |
FVG #2 | 81.03 | 76.37 |
4 Hour Timeframe
The price is currently testing support at the 0.618 Fibonacci level of 115.23. Below this, next supports are at the demand zone 1 between 97.14-92.80 and the 0.786 level of 120.07. Resistance is at the supply zone 1 between 115.30-110.93.
Fibonacci Retracement Levels
0.382 | 108.26 |
0.50 | 111.80 |
0.618 | 115.23 |
0.786 | 120.07 |
0.882 | 122.95 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 115.30 | 110.93 |
Demand Zone
Zone Number | High | Low |
Demand Zone #1 | 97.14 | 92.80 |
1 Hour Timeframe
Price is currently hovering around the 0.50 Fibonacci level of 111.72. Supports are at the 0.382 level of 108.30 and supply zone 1 between 109.77-107.92. Resistances are at supply zone 2 between 120.69-119.10 and the 0.618, 0.786 and 0.882 Fibonacci levels above.
Fibonacci Retracement Levels
0.382 | 108.30 |
0.50 | 111.72 |
0.618 | 115.23 |
0.786 | 120.13 |
0.882 | 122.91 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 109.77 | 107.92 |
Supply Zone #2 | 120.69 | 119.10 |