1. Current Price Context: The price is trading below a major resistance zone (highlighted in red). It has broken out of a consolidation or smaller rising wedge, indicating bearish momentum. Support Zone: There is a green demand zone below the current price, which is a potential target area for the sell position.
2. Confirmation for the Sell:
Bearish Confirmation RSI: Trending below 50, confirming bearish momentum without signs of bullish divergence. MACD: Bearish crossover indicates downside continuation. Stochastic: Overbought and turning downwards, reinforcing sell signals.