avantifeedtimeframe: 1D, 1W, 1M looking good.
technofunda: this stock has potiential to go good and we can see new all time high very soon.
Note: consult your financial.
Stocks!
Quick Update on Nifty and BankNifty after Hindenburg reportHello Traders,
Checkout the latest update on Nifty and BankNifty after Hindenburg report on SEBI chairperson and Adani
SWING IDEA - AVANTI FEEDSAvanti Feeds , a leading manufacturer of shrimp feed and prawn processor, is showing technical indicators that suggest a potential swing trading opportunity.
Reasons are listed below :
Multiple Tests at 600-650 Zone : The 600-650 level has been tested multiple times, indicating it as a significant resistance zone. The price is now attempting to break through this level, suggesting strong bullish momentum.
Symmetrical Triangle Pattern Breakout : The stock is breaking out of a symmetrical triangle pattern, a bullish continuation pattern indicating potential upward movement.
Strong Bullish Engulfing Candle on Weekly Timeframe : The formation of a bullish engulfing candle on the weekly chart indicates strong buying pressure and suggests potential for further upward movement.
50 and 200 EMA Support on Weekly Timeframe : The stock is finding support at both the 50-week and 200-week exponential moving averages (EMA), reinforcing the overall bullish sentiment and providing strong support levels.
Break of Consolidation Zone of 5+ Years : Avanti Feeds is breaking out of a long consolidation phase that lasted over 5 years, signaling a potential new bullish trend.
Spike in Volumes : A noticeable increase in trading volumes confirms the strength of the price move, indicating strong investor interest and participation in the current trend.
target - 770 // 900 // 975
Stoploss - weekly close below 485
Disclaimer :
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
S&P 500 Daily Chart Analysis For Week of Aug 9, 2024Technical Analysis and Outlook:
The S&P 500 Index displayed severe downward movement during the current week's trading session as we blasted through Key Sup 5238 and completed our long-time flagged target, Inner Index Dip 5131. The resilient rebound occurs, and the current market price action rests at Mean Res 5345. The likelihood of interim downward pressure toward the Mean Support at 5280 exists before the index resumes its upward trajectory. However, the prevailing price action suggests a sustained uptrend toward the Inner Interim Index Rally 5443, possibly extending to Mean Res 5525. However, these attained targets are likely to exert downward pressure.
SPX are we bullish or bearish? The S&P 500 closed the weekly firmly.
Finally putting in a high volume reversal, has the SPX bottomed here?
One thing is for sure we are still putting in higher highs & higher lows on the weekly time frame.
Until we see the markets give us that lower weekly high its still a tough market to short.
We think about the decline in semis and megacaps after earnings...all eyes will be on NvDA near end of month.
The markets have a strong chance at staying buoyamt into NVDA earnings.
FL - 20% upside continuation on 1D & Structure BreakKey EMA's all below.
Structure break
Momentum shift on RSI 1W chart
RR: 1:1 but if earnings are good this could shift to better RR of 1:2 or more.
Verona Pharmaceuticals (VRNA) Analysis Company Overview:
Verona Pharmaceuticals specializes in treatments for respiratory diseases. The company recently received FDA approval for its inhaled non-steroidal COPD treatment, Ohtuvayre. Chronic Obstructive Pulmonary Disease (COPD) affects approximately 16 million Americans and is a leading cause of death.
Key Highlights:
FDA Approval: Ohtuvayre has demonstrated strong efficacy and safety in late-stage trials.
Market Potential: Analyst estimates suggest peak sales could reach $3.6 billion.
Launch Strategy: Verona plans to deploy around 100 sales reps targeting 15,000 physicians for the treatment's rollout.
Investment Outlook:
Bullish Outlook: We are bullish on NASDAQ:VRNA above the $18.00-$19.00 range.
Upside Potential: With an upside target set at $29.00-$30.00, Verona Pharmaceuticals is poised for significant growth driven by Ohtuvayre's market potential and the large COPD patient population.
📈🌬️ Consider Verona Pharmaceuticals for investment opportunities in the respiratory treatment space! #VRNA #COPD 💊🚀
BTCAll you need to know about next #BTC huge moves.
We can see the next BULLRUN dates. The highest points of BITCOIN in this market 2024/2026 and 2028th years
Nasdaq finds support from 200 MA - for nowFinancial markets are significantly more stable today. Major indices have rebounded, with all posting gains, especially the Japanese Nikkei, thanks to reassuring remarks from the Deputy Governor of the Bank of Japan yesterday. This optimism has spread across global equity markets, Bitcoin, and metal prices. Furthermore, better-than-anticipated US jobless claims data has eased concerns about a potential economic slowdown in the US. This comes on the heels of a strong ISM services PMI report on Monday, which has offset some of the weaker economic signals from last week.
The Nasdaq 100 has for now stabilised around its 200-day average. But we need to see some more bullish price action to provide a stronger bullish signal. For example, a move above the 18,460 - 18,700 area could further reduce the bears' control. However, if instead the 200 MA breaks on a closing basis, then that could pave the way for fresh selling activity. So we are not out of the woods yet, but today's price action has certainly been constructive if it can be sustained into the close.
By Fawad Razaqzada, market analyst at FOREX.com
NVDIA Is this -35% correction enough to be a buy opportunity?NVIDIA Corporation (NVDA) completed a -35% decline from its top on Monday's Low and after a short rebound, it's consolidating. Even though this is the strongest correction it had since the late 2022 market bottom and it almost touched the bottom of the long-term Channel Up that started in October 2022, there might be room for some more downside before the next long-term Bullish Leg.
It is important also to note that the 1D MA200 (orange trend-line) is still intact as the 20-month Support and the 1D RSI broke the 35.00 level (almost oversold) on Monday. All the above suggest that NVDIA hit a new long-term buy level/ Support.
The Bullish Divergence though on its 1D RSI (Higher Lows against the price's Lower Lows) may indicate the opposite than it normally does. The reason is purely on NVDIA's last such pattern, which basically led to the October 13 2022 bottom.
As you can see, that correction continued the price's Lower Lows despite the ongoing RSI Higher Lows, until it completed a -44% correction. That suggest that there might be room for another -9% decline before the stock breaks above its 1D MA50 (blue trend-line) and starts the new Bullish Leg for good. Of course if it breaks above it earlier, then this pattern projection is invalidated.
As a result, it is recommended to buy the current bottom so that we won't miss on a potential upside by breaking above the 1D MA50 earlier but at the same time reserve some cash for the possibility of a -44% decline around the $80.00 level. In both cases, we will set a $190.00 Target (horizon before end 2024), which is a 2.0 Fibonacci extension from the current bottom.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
SWING IDEA - GLAXO SMITHKLINE PGlaxoSmithKline Pharmaceuticals , a major player in the pharmaceutical industry, is displaying technical signals that suggest a potential swing trade opportunity.
Reasons are listed below :
Breakthrough of Strong Resistance (1800-1900) : The 1800-1900 range was a significant resistance level. The price has broken through, retested, and is now making new highs, indicating strong bullish momentum.
Breaking a 9+ Year Consolidation Phase : The stock has emerged from a consolidation phase that lasted over 9 years, signaling a potential new long-term bullish trend.
Bullish Engulfing Candle on Weekly Timeframe : The recent bullish engulfing candle on the weekly chart indicates a significant shift towards bullish sentiment, engulfing the previous week's candle and suggesting further upward movement.
0.5 Fibonacci Support : The stock has found support at the 0.5 Fibonacci retracement level, reinforcing the potential for a continued bullish trend after a retracement.
Increased Volumes : A noticeable increase in trading volumes confirms the strength of the price move, indicating strong investor interest and participation in the current trend.
Trading at All-Time High : The stock is trading at its all-time high, suggesting strong market confidence and the potential for further gains. However, it's also important to monitor for signs of overextension or profit-taking at these levels.
Target - 2940 // 3600
Stoploss - weekly close below 1950
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
SWING IDEA - STERLING AND WILSON SOLAR SW Solar is showing promising technical signals that suggest a potential swing trade opportunity.
Reasons are listed below :
620-650 Crucial Support Zone : The 620-650 range has been a strong support zone, indicating significant buying interest and providing a solid base for potential upward movement.
Bullish Engulfing Candle on Daily Timeframe: The formation of a bullish engulfing candle on the daily chart suggests a potential reversal, signaling strong buying pressure.
'W' Pattern Formation : The 'W' pattern, a bullish reversal pattern, indicates that the stock might be ready to break out to the upside.
Bullish Marubozu on Weekly Timeframe : A bullish marubozu candle on the weekly chart indicates strong buying pressure, suggesting that the bulls are in control.
100 EMA Support on Daily Timeframe : The stock is finding support at the 100-day exponential moving average, reinforcing the overall bullish sentiment and providing a reliable support level.
Target - 828 // 955
Stoploss - daily close below 620
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Trading Effect on a PortfolioTrading Effect on a Portfolio
When a person decides to join the financial world and buy stocks, commodities, currency, or perhaps even cryptocurrency*, they have to think about the approach they take to their management. There is the option of holding assets until they decide to sell them in months or years, and there is the option to trade them actively. Trading effect reflects how a trader’s actions influence the value of their portfolio.
This FXOpen article explains what the trading effect is and how it serves as a way to quantify a trader’s performance.
What Does Trading Effect Mean?
Trading decisions exert a substantial influence on the performance of a portfolio. What is an effect in stock, forex, commodity trading? The trading effect reflects the outcomes of the choices made by traders as they buy and sell financial assets. Whether one engages in short-term or long-term trading, the consequences of these decisions are palpable.
Short-term traders may experience rapid gains or losses, while long-term traders witness the cumulative effect of their actions over time. Managing trading strategies prudently is imperative to optimising portfolio performance.
Don’t confuse the trading effect with the trade effect, which encompasses the various impacts of trade on economies and industries. It involves the allocation of resources, changes in economic welfare, and the movement of capital and labour. This is not the effect we will focus on in this article.
Types of Effects
Effects can be categorised based on the type of asset or instrument being traded. There could be a stock, forex, commodities, or futures trading effect. The effects are not just positive and negative.
To analyse the impact of trading, traders apply various analytical tools and theories. The Epps effect in trading is one of them. It claims that the correlation between the returns of two different stocks decreases as the length of the interval for which the price changes are measured decreases. This effect is caused by asynchronous trading.
Short-Term vs Long-Term Trading Effects
Trading actions often yield immediate results, reflecting the rapid fluctuations and reactions within the market. The short-term trading effects can be driven by news events, earnings reports, market sentiment, and technical indicators that influence prices over short time frames. For instance, a day trader executing a quick buy or sell based on breaking news experiences immediate gains and losses.
In contrast, long-term trading strategies involve a more deliberate and sustained approach, shaping one’s financial future through careful portfolio management. Long-term trading effects manifest over an extended horizon, reflecting the cumulative impact of strategic decisions.
Risk and Reward in Trading
The risk-reward trade-off is a fundamental concept in trading that involves balancing the potential for profit against the likelihood of loss. Traders often assess the risks and rewards of a trade before executing it.
High-Risk Trading Strategies
High-risk trading strategies may lead to amplified trading effects. For example, using leverage allows traders to control a larger position with a smaller amount of capital. While this may amplify gains, it also magnifies potential losses and can result in margin calls, forcing traders to either inject more capital or close positions at unfavourable prices.
Trading highly volatile and speculative instruments can lead to significant price swings. While this volatility presents opportunities, it also introduces higher levels of risk. In unpredictable markets, sudden and unexpected price movements can also result in rapid losses, especially for traders employing aggressive strategies.
Strategies for Managing Risk
Diversifying across different asset classes and sectors helps spread risk. A well-diversified portfolio may be less susceptible to the negative impact of a single underperforming asset. Implementing stop-loss orders may limit potential losses. Traders determine these levels based on their risk tolerance and analysis of market conditions. They also control the size of each position relative to the total portfolio value, as it helps manage overall risk exposure.
Markets evolve, and different strategies may be more suitable in varying conditions. Traders adapt their approaches based on the prevailing market environment and establish realistic profit targets, ensuring that the potential returns justify the assumed risks.
The Impact of Behavioural Biases
Behavioural biases can significantly impact trading decisions, leading to unintended trading effects.
- Overtrading can lead to a cluttered portfolio and increased risk exposure. Driven by excessive confidence or impulsivity, it may erode gains through transaction costs.
- Loss aversion is a psychological and behavioural bias observed in humans, which refers to the tendency of people to strongly prefer avoiding losses over acquiring equivalent gains.
- Confirmation bias , favouring information that aligns with existing beliefs, can also lead to suboptimal decision-making. Confirmation bias potentially blinds traders to alternative perspectives and impacts their ability to adapt to changing market conditions.
Final Thoughts
Understanding and managing the trading effect is paramount for traders. Regular assessment and comparison of the results you get while trading over different time periods are foundational elements in developing the skills needed to navigate the market dynamics. If you want to continue building your portfolio, you may open an FXOpen account. Explore the TickTrader trading platform to choose between the various asset classes and diversify your portfolio properly.
*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
ASX 200 hints at Turnaround TuesdayStock markets took quite the beating on Monday on fears of a US recession, and speculation that the Fed may be forced to cut rates as soon as next week. A stronger-than-expected ISM services report slowed the bleeding before Wall Street indices recouped some of their pre-session losses. Nikkei futures have since risen 10% from Monday's low, which could bode well for the ASX 200.
SPI 200 futures saw a false break of the April low and held above the Feb low. A bullish divergence has formed on the 1-hour chart and prices are trying to hold above the weekly S3 pivot. Dips towards 7500 could appeal to countertrend trend for a move up towards 7700.
Potential Bottoming for $CLSK NASDAQ:CLSK could be starting a bottoming process, but downside risks remain since the stock has clearly broken below its 40-week moving average.
It found buyers right at the 100% Fibonacci extension and the 0.618 Fibonacci retracement from its 2022 lows. I don't suggest buying it here because there will be opportunities to buy the stock once it proves itself first. This is merely a potential bottoming process I'm observing.
Nestle is a strong candidate for Breakout. Nestle India Ltd. engages in the manufacture and sale of food products. The firm offers beverages; breakfast cereals; chocolates and confectionery; dairy; nutrition; foods; vending and food services; imports; exports; and Nestle ad campaigns brands. It operates through the India and Outside India geographical segments.
Nestle India CMP is 2508.50. The positive aspects of the company are Company with Low Debt, Annual Net Profits improving for last 2 years, Dividend yield greater than sector dividend yield, FII / FPI or Institutions increasing their shareholding AND Company with Zero Promoter Pledge. The Negative aspects of the company are High PE (PE=74.5), MFs decreased their shareholding last quarter AND Declining Net Cash Flow : Companies not able to generate net cash.
Entry can be taken after closing above 2529. Targets in the stock will be 2560, 2603, 2626 AND 2649. The long-term target in the stock will be 2692, 2715 and 2760. Stop loss in the stock should be maintained at Closing below 2400. Nestle can be considered as a Portfolio stock due to its strong moat and near monopoly business.
The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
Asian Paints can rally on low crude oil price. Asian Paints Ltd. manufactures and markets paints and coating products.
Asian Paints CMP is 3101.75. The positive aspects of the company are Company with Low Debt, Annual Net Profits improving for last 2 years, FII / FPI or Institutions increasing their shareholding AND MFs increased their shareholding last quarter. The Negative aspects of the company are High PE (PE=58.6), Declining Net Cash Flow : Companies not able to generate net cash, Highest increase in pledges by promoters AND Companies with growing costs YoY for long term projects.
Partial entry/tracking quantity can be taken after closing above 3105. Main entry can be taken after closing above 3152. Targets in the stock will be 3221 AND 3304. The long-term target in the stock will be 3368 AND 3423. Stop loss in the stock should be maintained at Closing below 2848 or 2671 depending upon your risk taking ability. Asian paints is considered by many as a portfolio stock due to its huge market share and deep penetration in the market.
The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
Is This the Start of a Recession? Why You Shouldn’t PanicMarkets have been selling off amid the latest fears of a recession, with the NASDAQ dropping over 10% and Bitcoin dropping over 20% in just a matter of days. Last Friday’s unemployment report further affirmed investors’ sentiment, exceeding expectations by 0.2% and sparking one of the biggest rotations of capital since the COVID crash. Investors are gearing up for tough times by flocking to bonds and panic-selling risky assets, but has a recession really begun? Should you panic?
Understanding the Economic Data
Recent unemployment numbers have triggered the Sahm Rule Recession Indicator, created by Claudia Sahm in 2019 to identify recessions as they start. This indicator is triggered when the three-month simple moving average (SMA) of the US unemployment rate rises by 0.5% above the lowest rate observed over the past year. Despite its growing popularity, it’s important to note that this tool has never actually identified any recessions in real time, except for the 2020 recession.
In contrast, more established indicators like the Smoothed U.S. Recession Probabilities, developed by Marcelle Chauvet and James Hamilton in 1998, have not indicated that the economy is currently in a recession. Unlike the Sahm Rule, this nearly 26-year-old tool, which relies on complex calculations and various datasets, accurately identified the 2001 and 2008 recessions in real time.
Moreover, recessions in the US typically occur when the US Composite Leading Indicator (CLI) is on a downward trend, which hasn’t happened yet. This further suggests that other indicators besides the unemployment rate aren’t currently showing signs of concern.
Even though the unemployment rate has risen sharply, other leading unemployment indicators, such as initial claims and continued claims, remain at historically low levels. Typically, these leading indicators rise sharply before a substantial increase in the unemployment rate, not the other way around.
With the market pricing in substantial rate cuts following the unemployment numbers, yields have dropped, increasing the spread between the short and long ends of the yield curve. Historically, recessions haven’t usually unfolded during inverted yield curves.
Additionally, expected looser monetary policy from the Fed combined with surprisingly tighter monetary policy from the BOJ pushed the DXY substantially lower. This resulted in a breakout in global liquidity, which is inversely correlated with the DXY and serves as a helpful indicator of future trends in risk assets.
Understanding the Market Trends
While the real economy hints that we are likely not currently in a recession, it’s crucial to examine the charts to better understand the downside risks and how to position oneself in order to stay on the right side of market risk. The spike in the VIX and the put-to-call ratio on Monday indicated extremely fearful sentiment, which historically suggests limited downside risk and the potential for a short-term rebound.
The sudden surge in fear was reflected in the sharp increase in bond prices as investors shifted from high-risk to low-risk assets. With bullish short-term and long-term trends since early June, bond prices have reached overbought conditions, suggesting they are likely to slow down in the short term but continue outperforming in the long term, aligning with market expectations of future rate cuts.
The inverse can be observed in the equity markets, with US indices in oversold conditions and exhibiting recent bearish short-term and long-term trends. This suggests that equities are likely to experience a short-term bounce but will continue to decline in the long term, providing a potential opportunity to sell.
The cryptocurrency market tells a similar but much more pronounced story, with bearish short-term and long-term trends evident since late June. Despite being oversold, the future outlook for the cryptomarket remains pessimistic and is likely to underperform equities, especially if investors continue to reduce risk.
This flight to the relative safety of mega caps has been a recurring theme since March 2021, when both the small cap and mid cap to mega cap ratios turned bearish, a trend that remains unbroken and is likely to continue unless a recession materializes and forces a shift to looser monetary policy.
Similar trends are likely to continue in the cryptocurrency markets, as evidenced by the breakout in Bitcoin dominance, which currently positions Bitcoin’s market cap at 62% of the entire cryptocurrency market when stable coins are excluded from the calculation.
Concluding Thoughts
While the market is starting to panic amid recessionary fears, the data does not yet confirm that the economy is currently entering a recession. Investors should avoid panic selling, as a rebound is likely to occur in the short term given the current overextended conditions. For the mid to long term, the situation calls for a cautious approach, focusing on managing risk and gradually shifting from riskier to less risky assets, as indicated by longer-term trends in asset markets.
Disclaimer: This article is for informational and educational purposes only and should not be construed as investment advice.
Coca-Cola (KO): Strength in Uncertain TimesAfter not taking a look at Coca-Cola for quite a while, it's definitely worth analyzing. As one of the biggest assets in the stock market, Coca-Cola seems to have the most resistance with a relatively low risk/return profile, making it very interesting in times of uncertainty. A shift from risk-on assets to risk-off assets could happen easily. Just by looking at the latest rise, we can see that while there was a big sell-off in all stocks, NYSE:KO only fell by about 1.2%. This showcases the strength I am talking about.
After finishing Waves 1 and 2, we got the structure shift for a possible bullish rise. Because the intra-waves aren't very clear on NYSE:KO , we are looking at it from mostly the market structure perspective. Two points are highly interesting: the 3D POC just above the 3D Demand at around $60 and the Weekly Demand at $54.
We are looking for a possible long bid on Coca-Cola but will wait for the opportunity to come. When it does, we will share it with you, of course. 🤝
FCX ConverterAnother project that was developed a while ago, before it even got near the green. 2 interesting coincidences qualify it for a share where we can see if it keeps on giving...
My favorite path is the descending one highlighted with the curve/arc, but having an open mind for any type of inflection, in any position or direction, but preferably at any of the marked zones.
Tesla (TSLA) VOL 2. | Retest After The Breakout!Hi,
Some months ago I shared the Tesla idea, and it worked out perfectly!
Now the second opportunity, we have seen that the price of Tesla has made a breakout from the trendline. It has seen quite a few attempts to break through it, all failed but not the last attempt, the last attempt was quite powerful and the retest area is also quite strong so these are the major reasons I would like to share this idea.
Obviously, do your own work but if it is matching with mine then you are probably ready to go ;)
Good luck,
Vaido
THE KOG REPORT - UpdateEnd of day update from us here at KOG:
What a day on the markets!
Yesterday we said we would want to see price push up into the higher resistance levels for the long trades and if we got a RIP there an opportunity to short would be available to traders. What an opportunity that was! We update trades during the London sessions stating that there was no clear sign of the move stopping or a reversal in play, and for that reason to hold runners until we find support to long. We had the 2360 level in mind, and once attacked said if it didn't break the bounce should take us back up into the 2390-95 region initially.
Now we have that flip again making the 2420 price point the resistance to be attempted and broken in order to complete and correct the move back upside to create a new ATH. Our issue here as mentioned earlier is that price is looking like it will want to retest that low, so if you're in long it might be an idea to protect and take partials. Levels are to be tested with a risk model in place, if you're uncomfortable and less experienced, let the chop end before entering these markets.
If we do struggle above, they will want to clear the BE traders before then attempting to move it again, which will now likely be tomorrow. So, resistance 2320 key level, needs to hold to then retest. If we can break above, bar the extreme stretch, we should get the move we wanted.
As always, trade safe.
KOG
