Quant Bulls Face Resistance Amid Short-Term Correction

Quant Price Analysis – July 2

Quant market reveals bulls grappling with a short-term correction, with the price stabilizing near the 107.23 support level. The traders aim to fend off further declines and target a rebound toward the 113.02 resistance level.

Quant Key Levels

Support Levels: 107.20, 91.00
Resistance Levels: 113.00, 123.90

Quant Long-Term Trend: Bearish (Daily Chart)

The daily chart portrays a market transitioning from a bullish run to a neutral phase after peaking near 130.00 in late June. Bulls have managed to anchor the price above the 107.20 support, a pivotal base that has held steady in recent sessions. The lack of a clear directional thrust suggests a consolidation period, with potential for an upward move if buyers regain momentum, supported by technical cues indicating a balanced market stance.

The current price action highlights a delicate standoff between bulls and bears, with the price at 110.97 following a 2.63% dip. Sellers have driven a retreat from recent highs, but their momentum appears to be softening as buyers bolster the 107.23 support. This defensive posture reflects cautious optimism among market participants, who may be poised for a recovery if the support holds firm. RSI (Relative Strength Index) is at 54.17, the RSI sits in neutral territory, suggesting neither overbought nor oversold conditions. This leaves room for movement in either direction based on upcoming price action.

Quant Short-Term Trend: Bullish (4-Hour Chart)

The 4-hour chart offers a granular perspective, with the price at 110.72 after a 0.46% decline. Bears have nudged the price toward 107.23, but bulls have countered, maintaining it above this level. This seesaw motion points to a range-bound market, with the possibility of a breakout or continued sideways action.

RSI (Relative Strength Index): Currently at 65.63, the RSI is approaching overbought territory. This hint at a potential short-term pullback as momentum cools, though it remains within a healthy range. Parabolic SAR ( Stop and Reverse indicator) trail below the price, supporting a bullish bias in the near term.

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