Yesterday we mentioned that the market has entered a period of consolidation. Based on our observations, we still maintain the view of a consolidating market today, as the downtrend has been broken. Although the downtrend has been broken, both of our short positions are profitable.
From the MACD perspective, the energy bars have risen to near the zero line, and the fast line and slow line are about to form a golden cross. However, there is uncertainty here; whether the energy bars can stay above the zero line and whether the fast line and slow line can continue to rise after the golden cross. If not, the market may still decline from here.
From the CCI perspective, we mentioned in the past two days that for the CCI to approach the zero line, it requires consecutive bullish candles or a large bullish candle. Today marks three consecutive bullish candles, and the CCI is gradually approaching the zero line. This trend is favorable for the bulls, but we still need to see if it can stay above the zero line.
From the OBV perspective, with three consecutive bullish candles, the OBV has seen some increase, and the slow line is also tending to flatten out. However, to be bullish, we still need the fast line and slow line to form a golden cross.
From the KDJ perspective, after the KDJ formed a golden cross, it continues to rise. We pointed out the KDJ trend in the past two days, advising those who are short to set proper stop losses. This has proven to be correct, as the market has seen three consecutive bullish candles.
From the MFI and RSI perspectives, both indicators are moving upwards, indicating a clear bullish trend. Those who are short must set proper stop losses.
From the moving average perspective, the price has now risen above the BBI. After the 30 and 120 moving averages formed a death cross, the 30 moving average has started to rise again. If the 30 continues to rise and forms a golden cross with the 120, we will need to change our view. Here, we will watch for a golden cross between the 30 and 120.
From the Bollinger Bands perspective, the Bollinger Bands have transitioned from a downward channel to a wide consolidation. Therefore, it is logical for the price to reach the middle band. Once at the middle band, we will see if the price is constrained by the middle band or breaks through to continue upwards. If it is constrained, we can continue to hold short positions; if it breaks above the middle band, we need to exit our short positions promptly.
In summary: As the Bollinger Bands have entered a wide consolidation, we maintain the view of a consolidating market for the next two days, mainly watching if the price can stay above the middle band. Resistance is seen at 113000-115000, and support is at 110000-107500.
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