Morning Market Update: December 24, 2024

After a night of coding, I checked the market this morning, and not much has changed since midnight. It's still too early to get optimistic. We're currently facing resistance from the downward slope line, with noticeable selling pressure. This isn’t unexpected, as I didn’t anticipate an immediate breakout. My focus isn’t on the short-term price movement but on the closing price in the next 4 hours.

It’s 7:10 AM, and I’m hoping to see a bullish candle form by 8 AM when the timeframe closes. If the market rises convincingly, the next pullback should hold above 93,500. If it falls below this level, we’re still in a downward trend, and this rise might just be a temporary bounce. Keep an eye on the critical support level at 92,000.

On the daily timeframe, support remains strong at the mid-range channel, and the 4-hour Fibonacci lower band offers decent strength. A break above the downward blue trendline with a pullback could signal a shift toward bullish momentum. However, if the price closes below the trendline again, the bearish trend will likely continue.

Today’s selling pressure may ease slightly due to the holiday season. We’ll need to monitor how traders respond during the Asian session for potential positive sentiment that could fuel further upward movement later in the day.

For those actively trading, avoid shorting while a bullish candle is forming. Don’t chase short trades without confirmation, always use stop-losses, and reduce exposure in uncertain market conditions. These aren’t just tips—they’re essential rules to protect yourself. My goal is to help guide you toward smarter trading decisions.