2026-06-12 07:50 UTC
Price broke out above previous resistance with a strong bullish candle.
Evidence Bullish candle with a long lower wick and close above VWAP.
Indecision candle following breakout, indicating potential pause.
Evidence Small body with wicks on both sides.
Price retested the breakout level and closed higher, confirming support.
Evidence Bullish candle with close above VWAP and previous resistance.
High volume on breakout, indicating strong buying interest.
Evidence Volume significantly above 20-day average.
Volume supports the breakout retest, confirming demand.
Evidence Volume above average with bullish price action.
Maintain the long position as the bullish thesis remains valid despite recent price action.
HOLD LONG
Maintain the long position as the bullish thesis remains valid despite recent price action.
The current price action, although showing a slight pullback, still holds above the reclaimed support zone (7.0 - 7.4), which is crucial for the long thesis. The stop loss is set below this zone, and the take profit remains at 8.5. The thesis of a potential reversal remains valid as long as the price does not breach the support zone.
- Price reclaimed previous support after a failed breakdown attempt.
- Bullish candle on 2026-06-05 reclaimed the previous support with a close above VWAP and a long lower wick rejection.
- Continuation of bullish momentum on 2026-06-06 with a strong close near the high of the day and above-average volume.
Monitor price action near the 8.0 resistance level for potential breakout or rejection.