Market Structure Breakdown: From Downtrend to Potential Reversal

Trend Analysis

Primary Trend: 📉 Downtrend (recently broken)
The chart shows a clear downward trend with lower highs and lower lows, confirmed by the yellow descending trendline.
Recently, the price broke above the trendline, which could signal a potential trend reversal or consolidation phase.

Current Trend: 📊 Sideways/Range-bound
After the breakout, the price is now consolidating near a resistance level.
If the price sustains above the resistance, it could shift into an uptrend; otherwise, it might retest lower levels.

Support and Resistance Levels
Resistance (Supply Zones):

22,959 (Yellow Line) → Price is facing resistance here, as indicated by multiple rejections.
23,200 Zone (Upper Yellow Area) → Next potential resistance if the price breaks above the current level.

Support (Demand Zones):

22,725-22,785 (Brown Zone) → A demand zone where buyers previously stepped in.
22,600 Zone (Purple Trendline) → Long-term support based on the lower trendline.

Key Levels to Watch:

Breakout above 22,959 → Potential upside towards 23,200.
Rejection at 22,959 → Possible retest of the demand zone at 22,725.