The price is moving in a descending channel on the 1-hour timeframe. It has reached the lower boundary and is heading towards breaking above it, with a retest of the upper boundary expected.
We have a downtrend on the RSI indicator, which has reached near the lower boundary, and an upward rebound is expected.
There is a key support zone in green at 0.1116. The price has bounced from this zone multiple times and is expected to bounce again.
We have a trend towards consolidation above the 100-period moving average, as we are moving close to it, which supports the upward movement.
Entry price: 0.1130
First target: 0.1139
Second target: 0.1158
Third target: 0.1179
Stop loss: Below the support zone in green.
Don't forget a simple thing: capital management.
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Thank you.
✅ Trade here on $SEI
