Expect a move toward 87,900
2024-12-28
Category: None

A clear downtrend with lower highs and lower lows
Price recently rejected from the 0.618 Fibonacci level around 98,390
Currently trading around 94,592, with weak bounces showing sellers remain in control
The next major Fibonacci level at 1.272 coincides with your target around 87,847

The lack of strong buying pressure and clean breakdown below previous support levels suggests continued downside momentum. The 87,900 area also aligns with a significant support zone marked by the horizontal line at 87,628.
However, be cautious of:

Potential support at the 92,234 level before reaching your target
The ATR of 2,262 suggests high volatility, which could mean sharp counter-trend moves