Morning Market Insights: December 24, 2024

After spending the entire night coding, I took a look at the market this morning. To be honest, not much has changed since midnight. However, it’s still too early to get hopeful. At the moment, we are facing resistance from the downward slope line, and the selling pressure remains noticeable. That’s not surprising, though—I never expected a sharp breakout right away. My focus isn’t on how high the price moves right now; it’s all about the closing price in the next 4 hours.

As of now, it’s 7:10 AM, and I’m looking forward to seeing a bullish candle form by 8 AM when the timeframe closes. If the market manages to rise convincingly, the next pullback should hold above 93,500. If it drops below this level, then we’re still in a downward trend, and this current rise is likely just a temporary bounce. For now, it’s crucial to keep an eye on the key support level at 92,000.

On the daily timeframe, support remains strong at the mid-range channel, and the 4-hour Fibonacci lower band also provides decent strength. If the price breaks through the downward blue trendline and stays above it during a pullback, that could signal a shift back into a bullish phase. However, if the price closes below it again, it means we’re still in a bearish setup.

Today’s selling pressure might ease slightly compared to yesterday due to the holiday season. For the American markets, we’ll need to observe how traders respond during the Asian session. If there’s enough positive sentiment, it could support further upward movement later in the day.

For those trading, I hope you avoided shorting while a bullish candle was forming. Avoid chasing short trades without proper confirmation, always use stop-losses, and remember to reduce your exposure in uncertain conditions. These aren’t just tips; they’re rules to protect yourself in unpredictable markets. I may not be perfect, but my only goal is to guide you towards better trading decisions.