In my last update I gave you the support level at 19.2k
We ended getting a beautiful failed auction below the daily with lots of people shorting because of the CPI news which gave us a nice bounce until now
I also said that reclaiming 20.5k would be a nice sign of strength, giving us good chances of breaking the daily at 22.5k
However, before this can happen, we are now at an important resistance area (21.6-21.9k), which if we can't break, we won't break 22.5k of course.
So here we have 2 scenarios:
- We get a small rejection, hold LTF support, move back up and break the highs
- We get a strong rejection, move back down to 19k, in which case I expect new lows (break of 17k)
Any questions?
Good luck traders
Remember not to break your rules
Habib
We ended getting a beautiful failed auction below the daily with lots of people shorting because of the CPI news which gave us a nice bounce until now
I also said that reclaiming 20.5k would be a nice sign of strength, giving us good chances of breaking the daily at 22.5k
However, before this can happen, we are now at an important resistance area (21.6-21.9k), which if we can't break, we won't break 22.5k of course.
So here we have 2 scenarios:
- We get a small rejection, hold LTF support, move back up and break the highs
- We get a strong rejection, move back down to 19k, in which case I expect new lows (break of 17k)
Any questions?
Good luck traders
Remember not to break your rules
Habib
