Market Insights

Small-scale movements

In last night's market outlook, after breaking through 88, I mentioned that the next target would be 91200.

After 91200 was broken, I thought it would slowly rise to 93, which has now been achieved, and has touched the yearly open.

Next, let's analyze the specific small-scale movements in detail.

On Monday, there was a small-scale driven drop from the opening at 90360 down to a low of 83800. On Tuesday, this was fully recovered. Currently, Monday's high and Monday's opening price (monday open) at 90360 coincide.

Monday mid is around 87000, which is also a small-scale support/resistance flip.

Today has already surpassed Monday's opening price and touched the yearly open price that I have mentioned before. There is currently a possibility of a pullback.

If there is a pullback, I will target two price ranges, namely 90360 and 87000 (monday high and monday mid) for consideration. A retracement to these two levels is, in my opinion, normal.

If it pulls back to 90360 and then continues to rise, that would be a strong pullback; 87000 would be a weak pullback.

After this pullback ends, there is still potential to continue to look for upside in the 96500-98200 range.

If this range is broken, the next major resistance is at 100,000.

Reaching 100,000 before FOMC, I believe the rally may temporarily come to an end.

For now, the focus is on the levels corresponding to the pullback and the height the price can reach before FOMC.

Hedging before FOMC can be considered at 96500 and above.

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