PENDLE - From Support to Setup… Bulls on Standby!

📉PENDLE has been bearish for weeks, sliding inside a clean falling channel. But price is now reacting from a major support zone, the same area that initiated previous strong rallies earlier this year.

⚔️As long as this blue support zone holds, we will be looking for long setups, expecting a corrective move toward the upper bound of the falling channel. The first confirmation from the bulls will come after a break above the pink structure zone - the last lower high inside the correction.

Once that level is reclaimed, momentum could shift upward, opening the way for a larger move toward the supply zone around 5.00.

For now, PENDLE is positioned at a potential turning point… will the support zone spark the next bullish correction? 🤔

⚠️ Disclaimer: This is not financial advice. Always do your own research and manage risk properly.

📚 Stick to your trading plan regarding entries, risk, and management.

Good luck! 🍀

All Strategies Are Good; If Managed Properly!
~Richard Nasr