2026-06-12 07:50 UTC
The low on 2026-06-04 marked a capitulation point with high volume, followed by a reversal.
Evidence The candle had a large range and closed above the low, with significant volume, indicating a potential bottom.
The candle on 2026-06-06 showed strong bullish conviction, closing near the high of the range.
Evidence The candle had a large body with minimal lower wick, closing above the VWAP and prior resistance.
The latest candle suggests a retest of the breakout level with a bullish close.
Evidence The candle closed above its open with a strong body, indicating buying interest at the retest level.
High volume on 2026-06-04 suggests capitulation and potential reversal.
Evidence Volume was significantly above the 60-day average, indicating a potential exhaustion of selling pressure.
Volume on 2026-06-06 supports the bullish breakout, confirming demand.
Evidence Volume was above the 20-day average, supporting the bullish price action.
Hold the current long position as the bullish thesis remains valid with the price retesting the breakout level.
HOLD LONG
Hold the current long position as the bullish thesis remains valid with the price retesting the breakout level.
The current market conditions still support the bullish thesis. The latest candle shows a bullish close, indicating buying interest at the retest level. The price remains above the key support zone, and the resistance at 610.3 has not yet been tested.
- The candle on 2026-06-06 showed strong bullish conviction, closing near the high of the range.
- Volume on 2026-06-06 supports the bullish recovery, confirming demand.
- The failed breakdown on 2026-05-31 and the capitulation low on 2026-06-04 are key indicators of a potential reversal.
Monitor price action near the resistance level at 610.3 for potential breakout or rejection.