Market Structure: Bearish 📉
- The chart shows a clear sequence of lower highs and lower lows, confirming a sustained downtrend.
- Price repeatedly failed to hold above the 4505–4570 resistance zone.
- A strong bearish impulse candle has broken below the recent consolidation range and reached the 4318 support area.
Key Levels
- Resistance 1: 4445–4458
- Resistance 2: 4505–4510
- Major Resistance: 4570–4600
- Current Support: 4318
- Next Support: Around 4300
- Lower Target: 4260 area if selling pressure continues
Trading Bias
✅ Preferred Setup: Sell on Pullback
- Wait for price to retrace toward 4445–4458.
- Bearish rejection in that zone could provide a higher-probability short entry.
- Targets:
- TP1: 4318
- TP2: 4300
- TP3: 4260
⚠️ Buy Scenario
- Buying is counter-trend at the moment.
- Consider longs only if price reclaims and closes above 4505 with strong bullish momentum.
Conclusion
The H4 chart remains strongly bearish after the breakdown below support. Until price recovers above 4505, rallies are more likely to be selling opportunities than buying opportunities. The immediate focus is whether 4318 support holds or breaks for continuation toward 4300–4260.
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