ARB Technical Outlook
Analyzing the ARB chart on a daily timeframe, we can clearly see the wide falling wedge formation, the beginning of which is too old to be seen even on this daily chart—suggesting that the pattern is truly long-term.ARB is trading around the level of $0.4298, with a rise to $0.50 in the last candle. In terms of a price increase, this action was important, yet we saw selling pressure and the rise could not continue.
Currently, the levels at $0.4516 and $0.5046 are standing as short-term resistances. A daily close above $0.5046, in particular, could clarify the falling wedge breakout. The technical formation target of $2.4250 could come back on the agenda in the mid-to-long term.We should be following the levels at $0.3900, $0.3558, and the lower border of the channel at $0.2849 in case of a pullback.
Summary:
- Price: $0.4298, $0.50 was tested with the latest candle
- Formation: long-term falling wedge
- In case of a breakout, the target is $2.4250
- Short-term resistance levels are: $0.4516 → $0.5046 → $0.5475
- In case of a pullback, the supports to follow are: $0.3900 → $0.3558 → $0.2849
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
