Daily price broke Ichimoku cloud to below for the primary daily bearish reversal. Chinkou Span line of Ichimoku indicator is crossing the historical price to below for the good bearish breakdown but Stochastic oscillator is indicating the possible rally in the near future.
- If the price breaks support level at 177.7 to below with 162.9 level as a possible target so the bearish trend will be continuing.
- If the price crosses resistance level at 198.8 to above with 214.7 level as a possible target so the bullish reversal will be started.
- Alternatively, the price will be on secondary ranging waiting for direction.
Trading Summary: daily bearish reversal; watch the s/r levels for the next direction
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Very solid technical analysis using Ichimoku and market structure confirmation.
The breakdown below the Ichimoku cloud clearly signals weakening bullish strength and increasing bearish pressure on the daily timeframe.
I also like how the analysis combines Chinkou Span confirmation with Stochastic divergence, giving a balanced perspective between trend continuation and possible short-term recovery.
The support and resistance scenarios are very well defined, making the trading outlook objective and professional. Excellent market reading.