This market has now returned to test the level which had been previously holding as upward resistance before the break out that started on Sunday.
The next few hours of trading will either validate or invalidate the move to higher price.
If this area provides buying support tonight, Then there is significant upside potential. The next set of notable daily highs to visit is approximately 52200.
If on the other hand, the market begins trading below this area, then I will expect to see the market trade back down to 38500 in the coming week.
A long can be taken here right now with minimal risk, as the market is currently very close to but holding above the point of invalidation. You can place your stop $400-500 below this level.
Shorts should wait for a break below this level before taking a position. Stops can be placed just above the level of invalidation.
The next few hours of trading will either validate or invalidate the move to higher price.
If this area provides buying support tonight, Then there is significant upside potential. The next set of notable daily highs to visit is approximately 52200.
If on the other hand, the market begins trading below this area, then I will expect to see the market trade back down to 38500 in the coming week.
A long can be taken here right now with minimal risk, as the market is currently very close to but holding above the point of invalidation. You can place your stop $400-500 below this level.
Shorts should wait for a break below this level before taking a position. Stops can be placed just above the level of invalidation.
Trade active:
The short play is on.
Trade closed manually:
After a deep test and reversal during overnight trading, the market took only a brief look downward again before auctioning higher the rest of the morning. This looks like a rejection of lower price. Buyers are stepping in here with confidence. if we hold above 45500 for the rest of the day then it is more likely the uptrend will continue next week.
That's all I have. Have a great weekend traders!
That's all I have. Have a great weekend traders!
