I decided to enter a long position based on the following reasons:
Key Support Zone: The price has reached a strong horizontal level around €52, which historically served as a significant support. It is expected that this level might once again act as a reversal point.
Oversold Conditions: The current downward movement appears sharp, which could indicate temporary oversold conditions and the possibility of a corrective rebound.
Historical Bounce from the Level: The chart shows that the price has repeatedly bounced off this level in the past, creating good entry points for long positions.
Anticipation of a Reversal Candle: There is a possibility of a reversal candlestick pattern forming soon (e.g., a pin bar or engulfing pattern), which would confirm my strategy.
Medium-term Growth Potential: If the level holds, the price could return to the upper boundary of the range (around €79), making the trade potentially profitable.
Risks: If the level breaks downward, it may signal the need to reassess the position and limit losses.
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Key Support Zone: The price has reached a strong horizontal level around €52, which historically served as a significant support. It is expected that this level might once again act as a reversal point.
Oversold Conditions: The current downward movement appears sharp, which could indicate temporary oversold conditions and the possibility of a corrective rebound.
Historical Bounce from the Level: The chart shows that the price has repeatedly bounced off this level in the past, creating good entry points for long positions.
Anticipation of a Reversal Candle: There is a possibility of a reversal candlestick pattern forming soon (e.g., a pin bar or engulfing pattern), which would confirm my strategy.
Medium-term Growth Potential: If the level holds, the price could return to the upper boundary of the range (around €79), making the trade potentially profitable.
Risks: If the level breaks downward, it may signal the need to reassess the position and limit losses.
⚠️ All trading ideas are published with a time delay. If you want to follow the trading in real-time, please follow the link:
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