The price is moving within a descending channel on the hourly timeframe. It has reached the upper boundary and is heading towards breaking it. A retest of this boundary is expected.
The Relative Strength Index (RSI) is showing an upward trend, as it has approached the upper boundary. A bearish reversal is expected.
There is a key support zone in green at 0.5383. The price has bounced from this zone several times and is expected to bounce again.
A consolidation trend is observed above the 100-period moving average, which we are approaching. This trend supports a decline towards this level.
Entry Price: 0.5564
Target 1: 0.5758
Target 2: 0.5992
Target 3: 0.6260
Stop Loss: Above the green support zone.
Remember this simple thing: Money management.
For any questions, please leave a comment.
Thank you.
✅ Trade here on $WLD
