๐GAL Analysis: Potential Upside Momentum๐ธ๐จโ๐
๐After reaching resistance at 4.966, GAL has initiated a corrective move. Considering the Fibonacci retracement, a bounce from the 0.382 level suggests that breaking above 4.966 could lead to higher targets.
๐ชOur Fibonacci-based targets from this point include 5.83 and a range between 6.5 to 7. In case of breaking below the support at 4.196, the last anchor within the range of 3.8 to 4 could potentially reverse the price.
๐A breakdown below the PRZ range on the 4H trend might alter the short-term trend, but keep in mind that the 1D and 1W charts remain bullish, reducing the likelihood of a significant market reversal based solely on the 4H chart.
๐Additionally, the volume of green candles outweighs that of red ones, suggesting potential upward movement in the future.
๐For long positions, it's advisable to wait for confirmation above 4.966 before initiating a position after the resistance breakout
๐ง ๐ผIt's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
๐ชOur Fibonacci-based targets from this point include 5.83 and a range between 6.5 to 7. In case of breaking below the support at 4.196, the last anchor within the range of 3.8 to 4 could potentially reverse the price.
๐A breakdown below the PRZ range on the 4H trend might alter the short-term trend, but keep in mind that the 1D and 1W charts remain bullish, reducing the likelihood of a significant market reversal based solely on the 4H chart.
๐Additionally, the volume of green candles outweighs that of red ones, suggesting potential upward movement in the future.
๐For long positions, it's advisable to wait for confirmation above 4.966 before initiating a position after the resistance breakout
๐ง ๐ผIt's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
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