Suggested strategy:
• If a red candle appears + volume is exhausted in the range of 0.77 – 0.78: consider a light SHORT.
• Entry: 0.775 – 0.785
• SL: 0.802
• TP: 0.725 – 0.695
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Technical analysis:
– FET is experiencing a slight rebound after a strong drop with extremely high selling volume (Negative Delta -81M). This rebound is weak and is approaching the resistance area around 0.77 – 0.80.
– Ichimoku Cloud:
• Price is still below the red cloud and Tenkan crosses up but has not surpassed Kijun.
• The forward cloud continues to expand in the downward direction – no signs of reversal yet.
• Chikou Span is stuck in the past candle area – not supporting the buy order.
– MACD:
• Histogram is decreasing in negativity, but both MACD and Signal are below 0.
• The distance between the two lines is still wide, not giving a solid reversal signal.
– Volume Profile:
• The large volume cluster is concentrated in the range of 0.88 – 0.90, establishing strong resistance above.
• The most recent drop had no significant absorption signals.
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Summary:
FET is making a slight recovery but the main trend is still down. There is a lack of buying power and technical signals are unclear. Trading during this period is high risk; one should only react when there is a clear confirmation candle around the resistance area.
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