Market Overview: Key Resistance and Support Levels to Watch
Yesterday, the market experienced a steady decline, reaching a
low around 90,000. Following a subdued opening in the U.S.
stock market, prices found temporary support near 89,000
before staging a quick rebound to 95,000. This bounce back
highlighted a significant level of market volatility, with traders
eyeing key price points for further action.
As of now, the four-hour chart reveals a notable resistance
around the 96,000 mark. Should the price break above this level and maintain its position, the market could potentially retest
the 100,000 level. However, if this resistance holds strong, we
may see a pullback towards lower levels, so keeping an eye on
price action is crucial.
Intraday Strategy: Resistance and Support Zones
For the current trading session, resistance is evident at 95,600
and 96,100, while support levels are found at 93,800 and 93,100. Traders may look to take short positions at these resistance
zones, with the possibility of reversing the strategy if the price
breaks above these levels.
A well-defined trading plan would involve shorting at 95,600,
adding positions if the price approaches 96,000, and setting a
protective stop at 96,300. The target range for this strategy lies
between 93,800 and 93,100, offering a solid risk-reward ratio for those looking to capitalize on market fluctuations.
Conclusion
The market is at a critical juncture with clear resistance levels
above, and careful monitoring is key. A decisive break above
96,000 could signal further bullish momentum, while failure to
surpass this level may lead to a retracement. Traders should
stay alert to price action and adjust their strategies accordingly
to navigate the market effectively.
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