Analysis
Trend: GIGGLE is in a downtrend on the 4-hour chart. The price has pulled back from a high and has broken below the key 116-127 area, which has turned from support to resistance. Recently, the price attempted to rebound but was blocked below that resistance area, confirming bearish momentum.
Level: The key resistance level is in the 116.23 to 127.04 area. Immediate support below is around 91.94. If the price breaks below this support, it may further explore lower targets.
Trigger: The trigger point for bearish trades is when the price fails to recover above 116 and shows sustained weakness. The current price is consolidating around 97, which is a potential entry point to continue the downtrend.
Setup
Direction: Short
Entry: 97.03
Take Profit 1: 76.88
Take Profit 2: 56.72
Stop Loss: 110.47
