Last Friday, the Asian session high stagflation fell back, and the technical correction decline was in line with expectations. After the institutions bottomed out and pulled up, the market fell back to the support levels of 3195 and 3170 as expected, and broke through 3155 in the evening, and then rebounded to around 3200. The overall situation showed a huge shock pattern, and the interaction between the technical and news aspects was obvious.
The weekly trend is bearish but the support is stable. The moving average suppresses 3260 and supports 3200. If the weekly gold line stabilizes, it may rebound.
The daily Asian session hit a high and fell back, and 3250 was under pressure. If the 3145-3150 horizontal support is not broken, the bulls may still reverse.
Trend chart: The current high and fall is suppressed by the trend line. The huge market shock has caused frequent losses in both long and short positions, and precise point operations are required. Short-term bearish but limited downside space, near 3215 is the key support.
Operation strategy
Short order: Short short under the suppression of the 3260 large cycle.
Long order: Fall back to around 3215-3200, target 3230-3240.
Interval: Treat it as a wide range of fluctuations (3200-3260), pay attention to risk control.
Key points:
Support: 3215, 3200, 3170
Resistance: 3250, 3260
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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.