Gonna post my analysis for different markets.
Ultimate Trading Analysis Journal
- Thread starter tradethereaction
- Start date
Looks like distribution up to a level of support that has been taken out. Can easily see us going to 2767, then 2755 area. 2790s (specifically 2791 and 2793.5) is a very important area and price lost enough momentum to potentially sell here. Good risk/reward for a short here.
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Let's see if we can sell from here 2796-98 Area
Let's see if wedge plays out.57-55 is initial target maybe even 48-49. If we can get above 97, may look for higher.
As you can see on the daily, we haven't lost anything. Today's major move down was mostly accumulation toward the tail end of move which resulted in a nice move up. If we can hold above 91.25, I'll look for 2811 area and maybe even new highs on the year. If we come back down, will look for pop potentially around mid 70s (75 or 73). Momentum is the x-factor. Once we lose what was gained to high, I will only then start looking lower.
2803 is a level of support that was taken out that may see a reaction if we can hold above 2791.25
Got to gain and hold 90s, then 95s, then 99s and we could see 2811s or new highs... If we lose current low this week, potentially looking for 57-55s and 47-49s... Decision time.
Weekly View:
Want to see if we will fail at 2778 area. This weeks close will be important. If we continue down the nearest weekly support is around 2666ish area.
Daily View:
Both Daily supports held at 2748ish and 2730ish. We have not lost those levels, and those are important because if we lose those, the next real daily level to hold us up is around 2665ish which lines up with the weekly level of support. There is Daily resistance around 87 and 74 but 87 seems unlikely since we have weekly resistance around 78. Bigger tf matters more than the smaller typically.
On the 4 hour we have a few levels near each other: 2764, 2766ish, and 2768ish that should get some sort of reaction depending on momentum. If we are able to get above 78, 81 and 83 also are good resistance areas. On Daily 87-90 area is clear resistance if we can climb above 78. If we can get above that, would look at 2803 and 2812 areas.