TRB Revisits Critical Trading Range: Expect Extended Consolidation
TRB has returned to its familiar trading range between $9.93 and $44.24. This zone has historically held the asset for over 370 days. Traders are now watching closely for signs of either a prolonged consolidation or a potential breakout.
The recent decline in trading volume and the ongoing bearish trend suggest that the market may be entering a slow accumulation phase. This scenario is supported by key technical points:
- Macro Range Established: $9.93 as key support and $44.24 as resistance.
- Bearish Volume Profile: Volume remains below average, indicating weak momentum.
- Previous Pattern Echo: TRB previously ranged here for 371 days before breaking out.
TRB’s return to this range signals a likely scenario of extended sideways movement. The market has shown multiple weekly closes within this band,confirming price acceptance.This could lead to price rotating within this range for a considerable period, potentially up to 337 days if history repeats itself.
Volume analysis supports this bearish consolidation. Current volume remains substantially low, with volume nodes forming below average levels. This lack of market participation often indicates indifference, favoring continued range-bound movement.
Structurally, TRB has remained weak, posting lower highs and lower lows. The upper boundary of this range, around $44.24, remains a critical resistance. Untill this level is broken with clear conviction and supported by volume, the probability remains skewed toward extended consolidation.
For bulls, the only sign of hope would come from reclaiming higher levels with growing volume and a shift in momentum indicators. However, that scenario currently lacks supporting data.
Traders should expect more rotational movement between $9.93 and $44.24. Until volume picks up and resistance is breached, accumulation within this macro range is the most likely path forward.
