Technical Chart:
Touched EMA200 lines on Daily Chart, and market showing congestion.
on DJIA chart, market has just created a EMA4 & EMA20 cross which signify bearish momentum.
Forecast market to continue trading down to the channel bottom, support at 11100 level.
For the week, reckon a market rebound upon touching support 11100, the rebound shall bring market back to EMA50 (4H) or 50% Fibonacci Retracement level.
Resistance 11370
Strong Resistance 11520 (highest on last Friday)
Prefer to:
Long at 11100 levels.
Short around 11400-500 levels.
DJIA
Technical Chart:
Check DJIA30 Daily Chart, we observed a EMA4 and EMA20 cross upon Friday's correction.
Like what Sarah mentioned on her Thursday forecast, observe for reversal sign to short near 11800, however, market only managed to climb up to 11720, but it has fulfilled 1/2 Fibonacci Retracement and plunge for two days.
Those who had missed the opportunity to short still can hunt for retracement to short.
For PW Traders, look into intraday chart (1H and 30M) we can see market approaching 3L, if the fundamental sentiment is bad, we reckon market to continue trading down to 11050 levels before a significant rebound can happen.
Aggressive Trader can aim to short at 11350 levels, SL 11400, TG 11100.
Long is not recommended, only aim to trade long at channel bottom - during mid week near 11050 with proper risk management (50 pts) and aim for a short term rebound to 11400.
Nasdaq 100
It is a volatile week for Nasdaq 100. From technical chart, Nasdaq 100 is resisted below EMA200 (Daily), it comes with a similar pattern with Dow on intraday (30M and 1H) chart.
Expect market to continue trading down on Monday to hit 3L around 2125 levels.
However, if market fundamental is bad, market may directly plunge to previous strong support 2082 region.
Short when market pull up to 2185 level, target exit 2125.
anything regarding Crude Oil... ???..... thanks
ReplyDelete