Last Week's Trading Review & next outlook Feb 10-14(Disclaimer: This is just a personal opinion, not investment advice. Please make your own judgment before making any decisions.)
Last week, the market was highly volatile. Monday opened with a significant gap down due to weekend tariff news, but prices quickly rebounded with news support, recovering until Friday morning. However, after the NFP data release on Friday, the price plunged during the New York session, failing to hold its earlier gains.
Key observations:
-The 4-hour chart shows an equal high around 21,970.
-On the daily chart, there’s still an unfilled VI gap between 21,770 and 21,910.
-Friday’s failed breakout raises the possibility of a retest of the lower level at 20,941 before another breakout attempt.
Market Outlook for Feb 10–14: For the upcoming week, focus on Monday and Tuesday’s price action. Two potential scenarios may unfold:
Bullish Scenario:
If the price finds support around 21,432, there is a high probability of another breakout attempt. If the market remains bullish, the price should hold above 21,432 and avoid breaking below 21,314. Look for buying opportunities on dips, with a target at 21,971.
Bearish Scenario:
If the price breaks below 21,432, it is likely to retest the 20,941 level. Watch for potential rebound opportunities to short the market, aiming for 20,941. Be cautious of a possible bounce between 21,156 and 20,941, as the price may attempt another upward breakout from this range.
Your Thoughts?
Which scenario do you think is more likely to happen? Feel free to comment and share your view! 😊
