Good Evening and I hope you are well.
comment: Big down, big up. Clear trading range. Play it until broken.
current market cycle: bull trend on higher tf but trading range on the 1h tf
key levels: 22500 - 23000
bull case: Bulls want 23000. Nothing changed. Bulls buy every dip below 22670 and until that stops, we stay at the highs and chances of higher prices are greater than a deeper pullback. I have no targets above 23000 though.
Invalidation is below 22500.
bear case: Bears not doing enough and have to scalp out or their profits disappear. They need a strong 1h close below 22500 for more downside but for now markets are continuing to ignore every bad news and the structure is as bullish as it gets on the daily tf. Bears are barely making money, so try to look for easy longs.
Invalidation is above 23200.
short term: Neutral but I still expect 23000 to get hit and maybe some more squeeze above. Zero interest in shorts and longs only for scalps and small. It’s still overbought and a deeper pullback is expected over the next days.
medium-long term - Update from 2024-06-29: No change in plans. I expect 20000 to get hit over the next 3 months and maybe 19000 again.
trade of the day: Longs below 22670 have been amazing since Friday.
comment: Big down, big up. Clear trading range. Play it until broken.
current market cycle: bull trend on higher tf but trading range on the 1h tf
key levels: 22500 - 23000
bull case: Bulls want 23000. Nothing changed. Bulls buy every dip below 22670 and until that stops, we stay at the highs and chances of higher prices are greater than a deeper pullback. I have no targets above 23000 though.
Invalidation is below 22500.
bear case: Bears not doing enough and have to scalp out or their profits disappear. They need a strong 1h close below 22500 for more downside but for now markets are continuing to ignore every bad news and the structure is as bullish as it gets on the daily tf. Bears are barely making money, so try to look for easy longs.
Invalidation is above 23200.
short term: Neutral but I still expect 23000 to get hit and maybe some more squeeze above. Zero interest in shorts and longs only for scalps and small. It’s still overbought and a deeper pullback is expected over the next days.
medium-long term - Update from 2024-06-29: No change in plans. I expect 20000 to get hit over the next 3 months and maybe 19000 again.
trade of the day: Longs below 22670 have been amazing since Friday.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.