The primary support level is at approximately $181.57. This area has previously acted as reliable support and could again serve as a potential base if the price drops towards this level. If tested and held, it may provide a foundation for another upward move towards resistance.
Resistance Level:
The main resistance is at around $190.95. The price has repeatedly tested this level but has yet to break through. A sustained break above this resistance could signal strong bullish momentum and potentially open the path for further price increases.
Downtrend Line:
The blue diagonal line represents a downtrend that currently acts as an additional resistance zone. This line is positioned slightly below the upper resistance at $190.95, indicating that a break above both the trendline and the resistance level could signal a significant bullish breakout.
Scenarios Based on the Drawn Lines:
Sideways Movement: The price might continue to oscillate within the range between $181.57 (support) and $190.95 (resistance) in the coming days if no clear breakout occurs.
Decline Towards Support: A pullback towards $181.57 could occur if the price fails to break through the resistance at $190.95. If the support level holds, it might present a buying opportunity.
Breakout Above Trendline and Resistance: A breakout above both the downtrend line and the resistance at $190.95 would be a strong bullish signal, potentially leading to further upside.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. All trades involve risks, and you should make trading decisions independently, taking your risk tolerance into account.