Zebec Network is showcasing signs of a bullish retest, holding at primary support levels including VWAP and the 0.618 Fibonacci level. A sustained response at these levels may pave the way for price increases.
Key Technical Points
There are three critical elements:
- **Support Confluence:** The VWAP, 0.618 Fibonacci, and point of control are aligned at the current retest zone. - **Volume Decline:** Decreasing volume suggests a possible upcoming bullish influx following accumulation. - **Upside Target:** Reclaiming strength at support may lead to a rotation back to the value area high.
Current Correction Analysis
The correction that followed the recent swing high has driven the price down to the point of control, recognized as a strong demand zone. Initial reactions here indicate signs of stabilization, hinting at a potential bottoming structure. Holding this region with daily closes would confirm demand and increase the probability of another bullish rotation.
Expectations for Future Price Action
If Zebec Network continues to defend this support level with strong daily closes and an influx of bullish volume, the probability of a higher rotation significantly increases. A reclaim of resistance at the value area high would likely trigger continuation toward new swing highs.
Under the current conditions, Zebec Network remains in a bullish trend, and if the key support holds, an upward movement is anticipated, confirming trader responsibility in the market.
