Bearish engilfing
The chart shows a potential bearish engulfing pattern this indicates a possible reversal from bullish to bearish sentiment(short term). This shows sellers are gaining control after a period of buying pressure.
The price action suggests that the price may pull back to higher levels before continuing its downward trend, as represented by the yellow projection line.
Key support levels are visible around 2,562.59 and [b]2,557.93, where the price might find some temporary stability before continuing to fall. Meanwhile, resistance at 2,579.16 could prevent further upward movement. The bearish engulfing pattern, if confirmed in upcoming sessions, suggests a potential for continued downward pressure in the market.
**Summary**: The chart indicates a bearish reversal due to an engulfing pattern, suggesting a likely downward price movement after some consolidation. Key support and resistance levels are critical to monitor for further confirmation.
The price action suggests that the price may pull back to higher levels before continuing its downward trend, as represented by the yellow projection line.
Key support levels are visible around 2,562.59 and [b]2,557.93, where the price might find some temporary stability before continuing to fall. Meanwhile, resistance at 2,579.16 could prevent further upward movement. The bearish engulfing pattern, if confirmed in upcoming sessions, suggests a potential for continued downward pressure in the market.
**Summary**: The chart indicates a bearish reversal due to an engulfing pattern, suggesting a likely downward price movement after some consolidation. Key support and resistance levels are critical to monitor for further confirmation.
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