Key line

2023年2月18日

Support line key for short term. Volume bar and the low of that week, budget week low.
Resistance line key.
Supply zone.
Even on attempt if pullback to test and cross resistance line. Sustainability issue will remain. Getting past the supply zone could be difficult to cross. This would mean range bound volatility between support line and resistance line.
The range can get wider if strong breakout and weekly close with bullish candle is witnessed above resistance line can extend the pullback to supply zone.
Overbought on hourly and daily could get rewarding for bearish mindset trader by buying put or by creating bearish income based strategy.
Day traders need to look out for Overbought along with combinations of Overbought or Overbought exit to create short position.
Bullish traders may look for oversold on hourly chart in combination with weekly s1.
Serious breakdown can happen below budget week low as it the recent highest volume bar week low.
The wider range of volatility is supply zone to support line for near term to short term . For 1 to 3 months view