The price action is currently trading within a well-defined ascending channel, demonstrating a strong bullish momentum. After a period of consolidation around the midline, the breakout above the resistance level has been supported by increasing volume. The latest move saw the price touch the upper boundary of the channel, reaching a local high of 3,673.84.
The Fibonacci retracement levels suggest that any pullback could find initial support around the 0.236 (3,457) and 0.382 (3,323) levels. As long as the price remains above the channel’s median line and the key Fibonacci levels, the overall trend can be considered bullish. A sustained breakout above the channel may accelerate the upward movement, while a correction towards the lower boundary could offer new buying opportunities.
Summary:
Uptrend remains intact within the ascending channel
Immediate resistance: 3,673.84
Key support levels: 3,457 / 3,323 / 3,106
Watch for potential retracements to the Fib levels for possible entry points
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