1. **Key Levels and Fibonacci Retracement:**
- **Resistance at 0.236 Fibonacci (352B):** The price is testing this level after a sharp rebound. This zone acts as a critical barrier for further upward momentum.
- **Support at 0.382 Fibonacci (310B):** Recent dips have found support here, reinforcing it as a strong level.
- **0.5 Fibonacci (270B):** Acts as a major intermediate support level if bearish pressure increases.
- **Golden Ratio (0.618 at ~240B):** If price drops significantly, this zone could attract buyers.
2. **Moving Averages:**
- **200-MA (Red Line):** The trend is now above the 200-MA, confirming a bullish bias. However, failure to hold above it during corrections would signal weakness.
- Long-term **upward momentum** aligns with the MA slope but is losing steam near current resistance.
3. **Parabolic SAR:**
- **Bearish Trend Confirmed** near the local top (circled area) indicates recent exhaustion.
- **Bullish Reversal Potential**: SAR flipped back below the price, suggesting possible continuation if the 0.236 resistance breaks.
4. **Volume Analysis:**
- Volume peaked during the rebound, signaling strong buyer interest. However, recent declining volume indicates waning momentum, raising caution near resistance.
5. **Momentum Indicators:**
- **OBV (On-Balance Volume):** Flat OBV suggests no significant accumulation or distribution currently, aligning with consolidation at resistance.
- **RSI (47.53):** Neutral zone, slightly tilting bearish after a failed breakout. RSI needs to break above 50 to confirm bullish strength.
- **CMF (0.01):** Near-zero CMF shows minimal capital inflow, reflecting uncertainty about market direction.
6. **Market Structure:**
- **Higher Lows**: Despite corrections, the market structure remains bullish, with higher lows forming since early November.
- **Lower Highs at Resistance**: Multiple rejections at 0.236 Fibonacci show hesitance for a breakout, suggesting the market needs stronger catalysts.
### Conclusion:
- **Bullish Scenario**: A breakout above 352B (0.236 Fibonacci) with volume confirmation could target higher levels around 400B. Watch for RSI breaking above 50 and OBV upticks.
- **Bearish Scenario**: A failure to hold 0.236 resistance could see a retest of 310B (0.382 Fibonacci). A break below this support might lead to a larger correction toward the 0.5 level (270B).
Recommendation:
- **Aggressive Traders**: Look for confirmation of breakout above 352B before entering long positions.
- **Conservative Traders**: Wait for a pullback to 310B or the 200-MA for better risk-reward.
- Monitor **volume** and **RSI divergence** to gauge breakout strength or potential reversals.