Technical Observations
Price Action: After hitting a local low of 249.9, the price has formed a rounded bottom and is currently trading at 256.2. It is attempting to reclaim the short-term moving averages.
Moving Averages: * MA5 (Yellow): 255.2
MA10 (Blue): 255.5
The price is currently holding above both the MA5 and MA10, which indicates immediate bullish momentum.
Resistance: The MA30 (Purple) at 258.4 acts as the primary hurdle. A breakout above this level could trigger a move back toward the 264.2 high.
Trade Setup
Entry Zone: $254.5 - $256.5
Target 1: $259.5 (Near MA30 resistance)
Target 2: $264.0 (Recent peak)
Stop Loss: Below $249.0 (Invalidation of the recent support)
