Bounce Continuation before pulling back to retest 7K
The bear trend is still intact, though I believe the bounce will continue and we may get one more leg up toward 9 - 9.2k. In addition to be a psychological level, the daily 200 MA also slight above the 9k, so that I would anticipate 9 - 9.2k to face major resistance. I do not expect the bulls to break it on this current as sentiment is still rather negative.
If rejected, we will retrace to retest the 7k. And 7k breaks and we close below 7k on the daily, there is a very good chance we get a death between the 50 MA and 200 MA on the daily. At which point, I'd be quite confidence in a continuation to the downside to 6k for a possible double bottom from last months lows.
If rejected, we will retrace to retest the 7k. And 7k breaks and we close below 7k on the daily, there is a very good chance we get a death between the 50 MA and 200 MA on the daily. At which point, I'd be quite confidence in a continuation to the downside to 6k for a possible double bottom from last months lows.
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