Hey Trader,
Mastering the art of technical analysis is essential for navigating the ever-changing dynamics of the market.
Understanding key levels and patterns can provide valuable insights into potential price movements, allowing traders to make informed decisions and maximize profitability.
Let's break down the technical analysis of Monday's market:
4990.50 Level: This level serves as a critical marker for potential selling pressure throughout the year. If prices remain below 4990.50, it could signal a bearish sentiment in the market. However, breaking above this level to reach 5306.75 within 1 - 2 months is a possibility, with a long-term target of 5918.00 expected over the next year.
5146.25 Level: On the upside, if prices breach 5146.25, it could indicate strong buying momentum for the week ahead. A daily settlement above this level might lead to a quick move towards 5306.75 within 1 - 2 weeks, with continued upward momentum potentially extending into March.
5081.75 Level: Alternatively, if prices dip to 5081.75 on Monday, it may contain any session weakness. However, closing below this level could prompt another test of 4990.50 later in the week. Breaking below 4990.50 would reaffirm long-term support levels, with 5306.75 remaining a target for the coming months.
In essence, understanding these key levels can help traders anticipate potential market movements and adjust their strategies accordingly. By incorporating technical analysis into your trading approach, you can gain a competitive edge and navigate the market with confidence.
Stay tuned for more insights and tips on mastering technical analysis techniques to enhance your trading success.
Happy Trading,
Anthony Speciale
Speciale Analysis
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