Market Structure: The price is testing a trendline resistance, which has previously acted as a barrier to upward movement. A bearish engulfing candlestick pattern has also formed near this resistance zone, indicating potential selling pressure.
Forecast: A sell opportunity is anticipated as the price faces rejection from the trendline resistance, supported by the bearish engulfing pattern signaling downside potential.
Key Levels to Watch: Entry Zone: Near the trendline resistance after confirmation of rejection. Risk Management: Stop Loss: Placed above the trendline resistance or the high of the bearish engulfing candle. Take Profit: Target the next support levels or Fibonacci retracement zones for potential downside targets.
Market Sentiment: Bearish signals suggest sellers may take control if the price remains below the trendline resistance, maintaining downward momentum.