Simple breakdown for one of my favorite indices to trade in the financial markets. You will notice where price is currently right now it created sessions high once New York session opened creating those upper wicks (possibly "Tweezer Tops") on the 4H chart. Investors sentiment created that spike with company earnings releasing this week for U.S. stocks and also, returning from a holiday weekend. You will notice that there is a descending channel followed up by the EMA's crossing over one another indicating possible trend continuation for the sellers. Price showed rejection at 38.2% leaving upper wicks to be created showing that this is going to continue to be a sellers market until it reaches my target price I highlighted (green) near the bottom where price created a nice support area @ (13097.8 - 13015.6). Overall, this is a nice SELL opportunity.
Comment:
Price hit my profit target!