$NEAR after forming a double top around 5.5, price faced strong rejection. Major support zone lies between 4.5 - 4.7, which previously acted as a strong demand area
📉 Trading Scenario
Given recent rejection at 5.0 and lower high structure on the 1H chart, immediate bias leans bearish for a short-term setup
· 🔴
$NEAR SHORT Scenario (Preferred)
· Entry: Retest 5.0 - 5.1 resistance zone
· Stop Loss: above 5.2 recent swing high
· Take Profit: 4.7 (recent low), followed by 4.5 (major medium-term support)
· Rationale: The failure to break above 5.1 and the rejection at 5.0 indicate sellers are defending this zone. 1H structure favors a continuation of downward correction
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$NEAR LONG Scenario (Alternative)
• Rationale: 4.5 - 4.7 zone is a massive demand area on the 4H chart. A bounce here with high volume would invalidate short-term bearish outlook
· Entry: Only if strong bullish reversal candle from 4.5 - 4.6 major support zone
· Stop Loss: below 4.4 major swing low
· Take Profit: 4.9, then 5.1, and potentially 5.5 if the uptrend resumes
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