Trade Setup (Short-Term):
Scenario 1: Short Trade (More Likely Setup)
Entry: Around $142 - $145 (current level or slight retracement)
Target:
TP1: $139 (orange line - 20 EMA)
TP2: $126 (blue support zone)
Stop Loss: $159 (above resistance and 200 EMA)
Risk/Reward: ~1:2.5 (good short potential)
Scenario 2: Long Trade (Only on breakout)
Entry: On confirmed breakout above $160 with strong volume
Target:
TP1: $178
TP2: $190+
Stop Loss: $155 (just below breakout level)
Notes:
A pullback to $125-$126 may provide a better long re-entry.
Current rejection from $158 suggests bearish pressure.
Be cautious of whipsaws near the Bollinger Band midline and 20 EMA.