Yesterday we mentioned that we hoped to close with a bullish candle, but the market was just 11 points away from closing bullish and did not do so. This adds to our concerns about the Bollinger Bands' trend. Since the past two days have been Sunday, there hasn't been much change in the market, and we just need to wait for a trend reversal, waiting for the market makers to provide direction next week.
From the MACD perspective, the energy bars are still moving downwards, and both the fast and slow lines are also trending down, although there is some easing, with the bullish and bearish forces tending towards balance.
Looking at the CCI, it is currently still below -100. With no change in the market, the CCI will not show much change either, so we will continue to observe.
From the OBV perspective, the fast line is still below the slow line, and the slow line is also flat. We will observe the trend of the slow line going forward.
In terms of KDJ, it is currently still in the oversold range but shows signs of easing. We will continue to observe.
Looking at the MFI and RSI, the MFI is in the neutral zone, while the RSI is in a weak zone. For the RSI to improve, we need to close with a bullish candle.
From the moving average perspective, the price is below the 120 line, and there is no support from the moving averages below. Currently, the price is about 3000 points away from the 120 line. If the bulls do not exert force, it will be difficult to push the price up in the short term. As time goes on, the moving averages will start to turn downwards, so we will continue to observe the trend of the moving averages.
Looking at the Bollinger Bands, yesterday we hoped to close with a bullish candle, but in the end, we closed with a small bearish candle, which did not meet our expectations. This allows the downward channel of the Bollinger Bands to continue. To break this downward channel, it would be best to close with a bullish candle today.
In summary: Due to the low market activity over the past two days because of Sunday, we choose to wait for a trend reversal. Today's goal for the bulls is still to close with a bullish candle, and it would be best if the price can stand above 110,000. Today's support is seen at 107,500-105,000, and resistance is at 111,000-112,000.
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