#CVXUSDT – Short Setup from Key Supply Zone

#CVX

The price is moving within a descending channel on the hourly timeframe. It has reached the lower boundary and is trending towards a bounce. A retest of this boundary is expected.

The Relative Strength Index (RSI) indicates a downward trend, and this trend is likely to continue due to the overbought condition.

There is a key support zone in green at 1.64, and the price has bounced off this zone several times, making it a strong support level.

The price is trending towards the 100-period moving average, which we are approaching. This trend supports an upward move.

Entry Price: 1.68
Target 1: 1.70
Target 2: 1.73
Target 3: 1.76

Stop Loss: At the resistance zone in green

Remember this simple rule: Money management.

Any questions, please leave a comment.

Thank you.