Yesterday we talked about the market reaching its peak, and it currently seems to be developing towards that peak. It is estimated that it will take a few more days for any new changes, so there likely won't be any major market movements this week.
From the MACD perspective, the energy bars continue to rise, and both the fast and slow lines are moving upward. The fast line is about to reach the zero axis, so we need to pay attention to whether the fast line can stay above the zero axis; if it can, there is a possibility of further upward movement.
Looking at the CCI, it is currently above the zero axis, but to form an upward trend, the CCI must break through 100. It seems that reaching 100 will be somewhat difficult, so it is believed that a breakout trend is hard to achieve here.
From the OBV perspective, the fast line is currently below the slow line. Although the volume has increased in the past few days, the inflow is not significant, and the slow line is in a flat phase. We will be able to see the OBV's choice in the coming days.
Looking at the KDJ, it is about to reach 80. If it can stay above 80, there may be a slight increase, but if it cannot, this may be a temporary high point.
From the MFI and RSI perspectives, both indicators have reached a neutral to slightly positive area and are developing upward, which is favorable for the bulls. However, whether this can be sustained will need to be observed in the coming days.
Looking at the moving averages, the 30 and 120 are almost at the same position, with the BBI being just a point away, which can be considered as being in the same position. Once a small direction is chosen here, it will drive the larger direction as well, so we will keep observing in the coming days.
From the Bollinger Bands perspective, the bands continue to narrow, with the upper and lower bands about 13% apart, indicating that the range is getting very tight. If it develops for another couple of days, it will enter a narrow range, and after two or three days of consolidation, a direction will be chosen. This week will end like this, and a major direction is expected next week.
In summary: The market is still moving towards its peak, and a change in trend will take time, so the direction has not yet emerged. In the short term, everyone can play around, but for the long term, we need to wait for the direction to become clear before entering. Resistance is seen at 117,000-118,500, and support is at 113,000-112,000.
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