The analysis of $PNUT /USD at $1.1901 highlights key levels and potential strategies for traders:
Support: The primary support zone is at $1.1500. If the price holds above this level, it could signal strong buying pressure and an opportunity for a rebound. A drop below $1.1500 would open the door for further declines, with the next key support at $1.1000.
Resistance: Immediate resistance is at $1.2200, with a stronger resistance at $1.2500. A breakout above $1.2200 could trigger a push towards $1.2500, depending on market sentiment and volume.
Entry Strategy:
For Buyers: Consider entering near the $1.1500 support level, placing a stop-loss just below it to minimize risk.
For Breakout Traders: Wait for confirmation of a breakout above $1.2200, targeting $1.2500 as the next resistance level.
Market Outlook: At $1.1901, PNUT is in a critical range. A bounce from $1.1500 could lead to a test of $1.2200 resistance, with potential for further gains if it breaks. However, if $1.1500 fails as support, a pullback to $1.1000 is possible.
Monitor the price action within the $1.1500 to $1.2200 range. A breakout above $1.2200 could signal the continuation of the bullish trend, while a breakdown below $1.1500 might indicate a bearish shift.