Similar to the points seen yesterday, support below at 937, stop loss for long positions at 935, yesterday's low at 93525, consolidated for half a day without breaking down, started rising in the evening, resistance near 996. Profit of 5000 points.
So, are there still trading opportunities today? Let's take a look at the market.
First, let's look at the daily chart:
Volume is decreasing while rising, but it shouldn't be underestimated. Yesterday was Christmas Eve with no major institutions entering the market, yet the price still rose significantly, testing the upper resistance at 994. Although it didn't break through, there wasn't much pullback either. Let's look for trading opportunities in smaller timeframes.
Four hours:
It can be seen that we are now entering a consolidation period, with effective support tested below at 972. As long as it does not break 964 on a pullback, the bearish outlook is still not valid. It could either consolidate or break through, with resistance above at 1024, 1032, and 1053.
There are no right or wrong in long or short positions, only whether the points are reasonable. A short position near 994 can set a breakeven stop loss, observing the support situation at 964. If it doesn't break down on a four-hour close, exit. Bulls can consider observing the support situation near 964 for potential long positions.
Today's thought process: resistance above at 994, support below at 972 and 964. Personally, I feel it's not suitable to do a right-side breakout trade, so it's best to go long at highs and short at lows, with a stop loss of 500 points.
Morning trading thought process analysis is complete. How do you feel, everyone? You can exchange and discuss in the comments section. Here is your little white who loves you, providing daily unpaid analysis (heart).
Finally, I wish everyone a Merry Christmas and a happy time 🎄🎄🎄~
