A victory for the bulls!
The market popped after Thursday's CPI report. It has BO of 3925 resistance, and heading to the next levels: 4080 and 4135
As showed on the chart, the bearish trend line has been effective from the beginning of this year. As the market approaching it,
1) As a bull, the overall momentum is on our side. However, there are LOTS of uncertainty ahead. Buy the dips would be a more profitable strategy then buy the BO. And the bulls are expecting a 2nd leg up to 4133. (1st leg was from Oct 13-28, lasted 2 weeks)
2) As a bear, I view this BO as a HH top, for the follow through of the big BO bar (Thursday) is not that good. People are hesitating to buy higher, especially at 4000 whole number. A lot of long covering at Thursday and Friday's close show the lack of confidence of the bull.
Overall, next week resistance: 4080, 4140. Support: 3920, 3870, 3800.
As showed on the chart, the bearish trend line has been effective from the beginning of this year. As the market approaching it,
1) As a bull, the overall momentum is on our side. However, there are LOTS of uncertainty ahead. Buy the dips would be a more profitable strategy then buy the BO. And the bulls are expecting a 2nd leg up to 4133. (1st leg was from Oct 13-28, lasted 2 weeks)
2) As a bear, I view this BO as a HH top, for the follow through of the big BO bar (Thursday) is not that good. People are hesitating to buy higher, especially at 4000 whole number. A lot of long covering at Thursday and Friday's close show the lack of confidence of the bull.
Overall, next week resistance: 4080, 4140. Support: 3920, 3870, 3800.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.