Hey trader. Today's chart is US100. Let's check it quickly.
We can see 1. the descending channel had broken. 2. resistance on 11800.00 3. overlapped resistance on 12800.00 4. overlapped support on 11200.00
We should check Tuesday - Japan 3Q GDP, China Industrial Production, Britain Average Earnings Index +Bonus, US PPI Wednesday - Britain CPI, US core Retail Sales, US Retail Sales, BOE Gov Bailey Speaks, Britain Inflation Report Hearings, ECB President Lagarde Speaks, Crude Oil Inventories Thursday - Euro CPI, Britain Autumn Forecast Statement, US Building Permits, US Initial Jobless Claims, US Philadelphia Fed Manufacturing Index Friday - Britain Retail Sales, ECB President Lagarde Speaks, Existing Home Sales
We can expect 1. the price making new ascending channel. 2. upward movement to 12800.00 by breaking the resistance on 11800.00 3. dropping for short by resistance on 11800.00 to 11200.00
By breaking the descending channel, we had to settle our short position and switch to long position from 11300.00 For now, the upward movement had stopped by resistance but if the price breaks it, it will keep jumping up to 12800.00 which is overlapped resistance. We will have 2 more chance for long position and it will be on 11300.00 and 11800.00. (to have long position on 11800.00, the price should go up to resistance on 12350.00, first.) Let's see we can have chance for that.
Thank you for reading and hope This insight was helpful.