1. Current Market Overview
Last Close: 23,495.15
Day’s Range: 23,450.20 (Low) – 23,545.30 (High)
Change: -48.50 (-0.21%) – Minor bearish close
Key Observations:
The index faced resistance near 23,545 and closed slightly lower.
The 15-minute chart shows consolidation between 23,450–23,545.
The 1-hour chart suggests a broader range between 23,200–23,800.
2. Technical Analysis Breakdown
a) Support & Resistance Levels
Immediate Support: 23,450 (Day’s Low)
Strong Support: 23,200–23,400 (Previous swing low & psychological level)
Immediate Resistance: 23,545–23,600 (Day’s High & round number)
Strong Resistance: 23,800 (Key swing high)
b) Price Action & Trend
Bearish Bias: The index closed below the opening price, indicating selling pressure.
Neutral Zone: If 23,450–23,545 holds, expect sideways movement.
Breakout Scenario:
Bullish Break: Above 23,600, target 23,800.
Bearish Break: Below 23,450, target 23,200–23,300.
c) Volume & Momentum
The decline was not extreme, suggesting cautious selling rather than panic.
A retest of 23,500–23,600 could confirm direction.
3. Trade Strategy (Intraday/Swing)
A) Short Trade (Bearish Bias)
Entry Zone: 23,500–23,550 (Retest of resistance)
Stop Loss: 23,600 (Above day’s high)
Target 1: 23,400 (Minor support)
Target 2: 23,200–23,300 (Strong support)
Risk-Reward: ~1:2 (Favorable)
B) Long Trade (Bullish Reversal)
Entry Zone: 23,450–23,400 (Support bounce)
Stop Loss: 23,350 (Below swing low)
Target 1: 23,600 (Resistance)
Target 2: 23,800 (Major resistance)
Risk-Reward: ~1:3 (High reward if breakout occurs)
4. Key Takeaways & Final Thoughts
Bearish until 23,600 breaks – The close below 23,500 suggests weakness.
Watch 23,450 closely – A breakdown could accelerate selling.
Bullish only above 23,600 – Confirmation needed for upside momentum.
Ideal Strategy: Wait for a clear break (either side) before committing.
Final Note: If the market opens near 23,500, watch for rejection (short) or bounce (long). Adjust stops based on volatility.
Last Close: 23,495.15
Day’s Range: 23,450.20 (Low) – 23,545.30 (High)
Change: -48.50 (-0.21%) – Minor bearish close
Key Observations:
The index faced resistance near 23,545 and closed slightly lower.
The 15-minute chart shows consolidation between 23,450–23,545.
The 1-hour chart suggests a broader range between 23,200–23,800.
2. Technical Analysis Breakdown
a) Support & Resistance Levels
Immediate Support: 23,450 (Day’s Low)
Strong Support: 23,200–23,400 (Previous swing low & psychological level)
Immediate Resistance: 23,545–23,600 (Day’s High & round number)
Strong Resistance: 23,800 (Key swing high)
b) Price Action & Trend
Bearish Bias: The index closed below the opening price, indicating selling pressure.
Neutral Zone: If 23,450–23,545 holds, expect sideways movement.
Breakout Scenario:
Bullish Break: Above 23,600, target 23,800.
Bearish Break: Below 23,450, target 23,200–23,300.
c) Volume & Momentum
The decline was not extreme, suggesting cautious selling rather than panic.
A retest of 23,500–23,600 could confirm direction.
3. Trade Strategy (Intraday/Swing)
A) Short Trade (Bearish Bias)
Entry Zone: 23,500–23,550 (Retest of resistance)
Stop Loss: 23,600 (Above day’s high)
Target 1: 23,400 (Minor support)
Target 2: 23,200–23,300 (Strong support)
Risk-Reward: ~1:2 (Favorable)
B) Long Trade (Bullish Reversal)
Entry Zone: 23,450–23,400 (Support bounce)
Stop Loss: 23,350 (Below swing low)
Target 1: 23,600 (Resistance)
Target 2: 23,800 (Major resistance)
Risk-Reward: ~1:3 (High reward if breakout occurs)
4. Key Takeaways & Final Thoughts
Bearish until 23,600 breaks – The close below 23,500 suggests weakness.
Watch 23,450 closely – A breakdown could accelerate selling.
Bullish only above 23,600 – Confirmation needed for upside momentum.
Ideal Strategy: Wait for a clear break (either side) before committing.
Final Note: If the market opens near 23,500, watch for rejection (short) or bounce (long). Adjust stops based on volatility.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.