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Yesterday's judgment had some errors. Let's review yesterday's price action and look for today's trading opportunities.
First, look at the daily chart:
There is a high-volume bearish candle, but it did not break below the bottom of the previous large bullish candle, which again proves that around 996 is a strong resistance.
So where was the mistake in yesterday's judgment and analysis? Let's take a look at the situation in a smaller timeframe.
Because I conduct market analysis every morning at 8 AM, I did not observe the subsequent candlestick changes in time. At that time, I thought the breakout was a test preparing to rise above 100,000, but it was actually a false breakout, instantly dropping back below 996 to confirm pressure. Therefore, shorting should be considered, and once it breaks below the trend line, the downtrend should be confirmed.
The image below shows the pressure breakout near 1025 last time:
It can be seen that although there was multiple suppression near 1025, the bottoms are continuously rising, and the last breakout (blue arrow on the right) confirmed support at 1025, starting to rise.
These two images clearly explain how to confirm support and resistance and breakthroughs.
Unfortunately, I didn't have time to monitor the market yesterday due to other commitments.
So now, the price is consolidating between 952 and 964.
For long positions, it is suggested to observe. Support levels are at 942, 937-932, and if it breaks below, watch for 924.
You can pay attention to 928. If it reclaims with increased volume at the minute level, especially twice, it can confirm support. In any case, stop loss at 920, and if it breaks below, wait around 90,000.
The morning trading idea analysis is complete. How do you feel, esteemed viewers? You can exchange ideas in the comments. Here is your affectionate Xiaobai, providing free analysis daily (heart).
