The price is currently trading inside a weak consolidation range below a key resistance zone around 48–50, where multiple rejections have occurred. This indicates that buyers are losing strength and sellers are gradually taking control.
After failing to hold above the previous high near 54, the market shifted into a lower high structure, confirming a bearish transition on the higher timeframe. The recent sideways movement appears to be a distribution phase, not accumulation.
Price is also struggling to maintain support around 43, and repeated tests of this level increase the likelihood of a breakdown.
Key bearish signals:
Rejection from upper resistance (48–50 zone)
Failure to sustain higher highs
Formation of lower highs
Weak consolidation near support (bearish pressure building)
Expected scenario:
Breakdown below 43 support
Move toward 38.9 level
Continued drop targeting 28–30 demand zone
Invalidation:
A strong breakout and close above 50 would invalidate the bearish outlook and signal a potential bullish reversal.