👓1.3 Daily Market Insights.👓
26169601196 Insight:
Yesterday was another chaotic session with sharp fluctuations, and it’s unclear where the market is heading. If there are profits, not taking them could quickly turn gains into losses, and one might even hit stop-losses. Take profits quickly and adopt a low-margin, high-turnover strategy.
The market broke through 97301 with volume, closing above 97301 on the hourly level, suggesting to chase long positions on the right side, and to recover stop-losses.
If it retraces to 96686 and shows a false breakdown, add a light position long, with stop-loss at the low of the false breakdown. Don’t go long if it doesn’t recover.
Watch the two candlesticks marked by the yellow box on the hourly level; they are chilling, one is a doji, the other is a gravestone.
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A drop below 96686 with volume suggests to chase short positions on the right side, and to recover stop-losses.
The market has still not stabilized above 97227 on the hourly level, just spiking up a few times. Only a solid breakthrough above 97227 allows for a continuation upwards to 97767-98444; if it doesn’t break, it will continue to oscillate.
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Above, watch for a 2B false breakout at 98162 to recover a light short position, with stop-loss at the high of the false breakout. Pay attention to changes in trading volume.
Conservative traders should wait to buy at 95320; if it drops below 95000, one must exit.
It’s best not to break below 96020 on the 4-hour chart; if it does, expect a downturn to 94272-93596, returning to where it came from.
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Upper resistance: 97524-98311-99051
Lower support: 96336-95236-93426
On the daily level, the MACD for the market is still struggling below water; it’s uncertain when it will climb back up.
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90777184418 Thought:
The secondary market broke above 3463 with volume, suggesting to chase long positions on the right side, and to recover stop-losses.
3455 broke down with volume, suggesting to chase short positions on the right side, and to recover stop-losses.
If it retraces to 3412, add a light long position, with stop-loss below 3488.
The secondary market on the 4-hour level is more concerning, having closed three consecutive doji candles; what’s going on? Be extra cautious when opening positions today as it’s easy to get trapped.
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The secondary market on the hourly level at 3478 is also ineffective if it can’t break through; only a breakthrough at 3478 allows for upward views to 3516-3544.
At 3527, take a light short position, with stop-loss above 3553.
Left-side orders: buy one at 3368, with stop-loss below 3331.
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On the secondary market’s 4-hour level, below 3400 suggests continuing down to 3353-3300.
Upper resistance: 3500-3546-3593
Lower support: 3430-3400-3372
Currently, the market either waits for a sharp drop to buy the dip, or waits for a breakthrough to chase positions. Meeting adjourned.