Good Evening and I hope you are well.
comment: Closing this high at the end of the month is as bullish as it gets. We are close to 23000 that I expect it to get hit. You never know where the top will be, so don’t try to pick it. Market is bullish and bullish only. Even if we print -2% tomorrow, there was no setup and no pattern for you to trade it on. It would be a huge bear surprise and you should never worry about them. Look for the path of least resistance and that is still long. At least for scalps. Bull channel is also still valid until clearly broken, which means a strong print below 22700 would do.
current market cycle: bull trend
key levels: 22600 - 23000
bull case: Bulls want 23000. Market is overbought but that does not matter if we can’t get more selling pressure. Long the pullbacks until it stops working. I can see this going to 23500 but it’s a rough guess and you should not trade based on those.
Invalidation is below 22200.
bear case: Bears got nothing. Don’t look for shorts. Daily close below 22600, then we can start thinking about lower prices again. I still expect this breakout to fail but as of now, we are only going up.
Invalidation is above 23500.
short term: Neutral but I will only scalp long until we see much much bigger selling pressure. 23000 is the obvious target and bears need something below 23700.
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: Any long around the high of last week (22823) has been profitable. It was a tight trading range but with a heavy bullish bias going in to today, long scalps were the obvious choice.
comment: Closing this high at the end of the month is as bullish as it gets. We are close to 23000 that I expect it to get hit. You never know where the top will be, so don’t try to pick it. Market is bullish and bullish only. Even if we print -2% tomorrow, there was no setup and no pattern for you to trade it on. It would be a huge bear surprise and you should never worry about them. Look for the path of least resistance and that is still long. At least for scalps. Bull channel is also still valid until clearly broken, which means a strong print below 22700 would do.
current market cycle: bull trend
key levels: 22600 - 23000
bull case: Bulls want 23000. Market is overbought but that does not matter if we can’t get more selling pressure. Long the pullbacks until it stops working. I can see this going to 23500 but it’s a rough guess and you should not trade based on those.
Invalidation is below 22200.
bear case: Bears got nothing. Don’t look for shorts. Daily close below 22600, then we can start thinking about lower prices again. I still expect this breakout to fail but as of now, we are only going up.
Invalidation is above 23500.
short term: Neutral but I will only scalp long until we see much much bigger selling pressure. 23000 is the obvious target and bears need something below 23700.
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: Any long around the high of last week (22823) has been profitable. It was a tight trading range but with a heavy bullish bias going in to today, long scalps were the obvious choice.
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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.