COMPOUND (COMPUSD) Sell Traders Seek Downward Price Movement
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COMPUSD Analysis: Compusd Sell Traders Seek Downward Price Movement Back to the $43.6900 Significant Zone
COMPUSD Sell Traders seek to downward price movement back to the $43.6900 significant zone. Although the COMPUSD constitutes a ranging market, both traders are still interested in exchanging orders. Since last week, the buyers have opened up with a bullish engulfing candlestick at the perimeter of the $43.6900 key zone. This, therefore, gives us fresh hope that buyers will likely change the tide by even breaking out above the ranging level of $67.2400 in the coming weeks. Before the buyers built up the candle stick, the Stochastic Oscillator had already indicated a buy signal on the daily chart.
COMPUSD Trade Levels
Resistance Levels: $172.0200, $118.5000
Support Levels: $97.4500, $67.2400, $28.2600
However, the sellers, surprisingly, changed price direction this past week. As a result, we can see a price pullback in the market. Since the market began ranging between the key zones of $67.2400 and $43.6900, the buy traders have been making crucial attempts to push above the $67.2400 market level. Inside the ranging channel, we have seen buy traders setting up bullish orders in July 2022 but were, however, held down at the $67.2400 key zone. This critical zone has already proven to be a strong resistance level for buy traders to trade above.
Therefore, buyers must increase their buying power to break through.
Since sellers are drawing back, we should anticipate a drop in price to the closest key level, which is back to the $67.2400 key zone. The Money Flow Index price volume strength as a price signal is going bearish. The selling pressure reacting close to the middle level of the Bollinger Band indicator shows less buying power as sellers make a draw downward.
Market Expectations
The 4hr chart supplied us with information on how the sellers broke away from the bullish uprising. The buy traders decided to make another attempt recently, but sellers are already towering downward as the stochastic is close to the overbought region. As the price trades down to the $43.6900 key zone, a drawdown is expected.
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