Trade Idea: Long (MARKET)Technical Confluence:
Daily Chart:
โข Strong bullish engulfing recovery from recent support (~37,700).
โข MACD starting to curl back up from deeply negative levels โ possible trend reversal.
โข RSI recovering above 50 (currently 52.49), suggesting bullish strength resuming.
15-Min Chart:
โข Sustained uptrend with pullbacks respecting the moving average.
โข MACD crossing positive territory.
โข RSI at 64.77 with room to move higher before hitting overbought levels.
3-Min Chart:
โข Tight consolidation after a sharp breakout to 40,766 โ forming a potential bull flag.
โข RSI at 58.89 โ mid-level with upward momentum potential.
โข MACD histogram shrinking โ possible continuation breakout imminent.
โธป
Fundamental Context:
โข Market Sentiment: U.S. markets are generally supported due to strong earnings reports and decreasing recession fears. Treasury yields have stabilized, and risk appetite is returning.
โข Upcoming Events: FOMC rate decision is key โ bullish bias if they hold or soften tone.
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Trade Details:
โข Entry: 40,770
โข Price is consolidating just under this resistance. Enter on breakout with volume confirmation.
โข Stop Loss (SL): 40,350
โข Below recent support on the 15M chart and under the moving average. Conservative SL with volatility in mind.
โข Take Profit (TP): 41,450
โข Measured move from the flag pattern and aligns with Fibonacci extension and historical resistance.
FUSIONMARKETS:US30
