I'm now having a family holiday at Melaka and the weekly forecast gonna be short as I'm working from a mobile.
Today might be the first day of work to many people and I wish all 开工大吉！
Market shows rejection at 12850 and close around 12650 for the week. (12,660.46 pts)
Market is going sideways for this week.
Today, no major economic data release and therefore we forecast market to continue facing selling pressure.
We reckon the support to sit at 12550-600 pts during early of the week and market shall rebound back to 12750 resistance.
Quick trade: short immediately around 12700 and exit 12550-600. (1 hour chart mini head and shoulder)
For traders who missed the short from top, early of the week, hunt for 12550-600 support actions to Long (4 hour chart EMA50 support), but take quick profit around 12750 because from the price action, the upward momentum is weakened.
Big picture: like we said the weakened upward momentum, check this - after the spike up to 12850, we observed selling pressure at the same level, Lets assume market to be choppy for this week and next week, being resisted at 12750 or maximum 12800 high - it could form the right shoulder (check 4 hour chart) and then, we should expect a healthy correction / fall to the major support in Feb 2012 / Mar 2012.
Yes, a healthy correction is required, so pay attention!
sorry I do not hv access to Nasdaq 100 chart but I wish all don't hv any open position now, rest for a week before the big actions come in play!
Cheers & Gong Xi Fa Cai,
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