As discussed yesterday, the previous daily close right at resistance level of 17101, after a top wick, it ended up close back into the range below 16800. For today analysis, I am skeptical about the continuation of bearish candle. The reason being is because, if looking back at the last time, January 2, when it closed at 17101 and rip back down, the previous couple days leading up to it were not as bullish compare to this bull run. Second of all, although the daily did close below 16800 level, it was not as strong bearish candle closure compare to Jan 2 this year.
Thus, I will only consider a sell at 16369 which is also the weekly candle flip. As for buy, once it the 1 hour candle close back above 16972, I will consider entering a buy, eyeing TP of at least 17101.
Thus, I will only consider a sell at 16369 which is also the weekly candle flip. As for buy, once it the 1 hour candle close back above 16972, I will consider entering a buy, eyeing TP of at least 17101.