Bullish Momentum Based on Retracement with Emphasis on Positioning

Central Bank

Economic

Summary:

EIA crude oil inventories increased by 1.367 million barrels, below the expected increase of 2.4 million barrels, providing support for WTI crude oil. This suggests that demand may still be rising or that supplies are limited during the reporting week.

BUY WTI

Close Time

CLOSED

76.500

Entry Price

81.050

75.300

70.245 +0.735 +1.06%

132.5

Pips

Profit

75.300

77.825

Exit Price

76.500

Entry Price

81.050

Fundamentals

After US crude oil inventories for the week ending March 1 came in below expectations, crude oil prices surged 3% on Wednesday.

However, due to overbought technical indicators, WTI crude oil fell to around $78.50 during the European session on Thursday.

The Energy Information Administration's (EIA) report on Wednesday showed a sixth consecutive weekly increase in crude oil inventories, adding 1.367 million barrels, compared to the expected increase of 2.4 million barrels. Additionally, the American Petroleum Institute's (API) weekly crude oil inventory data showed an addition of 423,000 barrels, contrary to market expectations, which decreased from the previous 8.428 million barrels to 2.6 million barrels.

Wednesday's strength in oil prices was bolstered by Saudi Arabia's unexpected increase in its official crude oil selling prices to Asia, lifting market sentiment.

Furthermore, Fed Chairman Powell hinted against expecting imminent Fed rate cuts, weakening the US dollar and thus supporting oil prices.

Moreover, geopolitical risks in the Middle East, including stalled ceasefire negotiations between Israel and Hamas and continued attacks on Red Sea shipping, also provided support for both benchmark crude futures.

On the OPEC side, OPEC+ agreed to extend its production agreement, signaling a decrease in global supply levels over the coming months. Signs of a rebound in global economic activity could imply an increase in oil prices as it signifies rising demand for fuel and energy.

On the other hand, OPEC+ may also signal gradual and partial production increases at its next meeting in June. Increasing production after a prolonged period of cuts marks a turning point in the oil market as it suggests robust future demand.

With global crude oil fundamentals still pointing to a deficit in the third quarter, WTI crude prices may remain around $80 per barrel, providing room for partial production cuts and flexibility for OPEC+ to cut production again later if the risk of recession rises, potentially leading to a decline in demand.

Data-wise, upcoming releases such as the European Central Bank's decision and the US nonfarm payroll report later this week could drive oil prices higher. Signs of a rate cut by the ECB in June may imply an increase in risk assets as the global decline in borrowing costs will support economic growth. Meanwhile, an unexpected decline in employment could also push oil prices higher.

Bullish Momentum Based on Retracement with Emphasis on Positioning_1

Technical Analysis

After yesterday's 3% surge, WTI crude oil is currently consolidating, with prices hovering above the midsection of the long-term upward channel in the 4-hour chart. Bulls are testing resistance levels again after a correction.

In terms of price structure, the midsection of the upward channel has been a support level for most of February, aligning with the 100 SMA dynamic support level. The moving averages are positioned with the slower-moving 200 SMA above, confirming the likelihood of upward momentum from this point.

However, we believe that bulls may need a significant retracement for further upside. If retracement targets remain unchanged around the support levels near $76, possibly at the mid or bottom of the channel, crude oil may retest the top of the channel around $81 or higher.

The rise in the stochastic oscillator suggests that buyers are in control, indicating a potential continuation of the uptrend. However, the Relative Strength Index (RSI) appears to have peaked, suggesting that bears may take over. In terms of trading strategy, buying the dips is recommended.

Trading Recommendations

Trading Direction: Long

Entry Price: 76.50

Target Price: 81.05

Stop Loss: 75.30

Valid Until: 2024-03-21 23:55:00

Support: 77.71, 77.19, 76.20

Resistance: 78.47, 79.17, 79.97

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

Add to Favorites

Eva Chen

Commodity

Central Bank

Summary:

Gold prices rose to historic highs on Thursday as markets bet on a June rate cut by the Fed. The US dollar fell to its lowest level in nearly a month, further supporting gold prices.

BUY XAUUSD

Close Time

CLOSED

2153.00

Entry Price

2200.00

2123.00

2617.79 -15.69 -0.60%

79.8

Pips

Profit

2123.00

2160.98

Exit Price

2153.00

Entry Price

2200.00

Fundamentals

Gold prices continued to gain momentum for the seventh consecutive day on Thursday and maintained intra-day gains. Investors are increasingly accepting the possibility of a Fed rate cut in June, putting the US dollar bulls on the defensive. This is a key factor driving funds towards interest-free gold.

Additionally, a generally mild tone, ongoing geopolitical tensions, and China's economic challenges provided additional support for safe-haven gold.

Meanwhile, Minneapolis Fed's Neel Kashkari played down speculation about more aggressive policy easing. This, in turn, led to a slight rebound in US Treasury yields, helping to limit the downside for the US dollar.

Kashkari stated that if the anti-inflation process is not going well, the first consideration is to extend the time to keep interest rates unchanged. He expects two rate cuts this year, but it could also be one. Kashkari questioned, “Why do we think we're actually tamping down the economy if the economy is ongoing in such a healthy way?"

Fed Chairman Powell, on the first day of his consultation with the House of Representatives, said that at some point this year, a rate cut might be appropriate. Lowering policy rates would be inappropriate until there is greater confidence in sustainable inflation towards a 2% decline. If the economy develops as desired, rates will need to be significantly reduced over the next few years. Economic recession is currently unlikely, and a soft landing is believed to be achievable.

Furthermore, extreme overbought conditions in the daily chart may further hinder investors from making new bullish bets on gold prices. Investors are now looking forward to Powell's testimony on the second day and the US weekly initial jobless claims, providing some impetus ahead of Friday's nonfarm payroll report.

Gold Price Strength to Persist Until Month End, No Rapid Decline Expected After December's Surge_1

Technical Analysis

On Wednesday, gold bulls staged a comeback, propelling the price to a historic high of $2,147 before entering consolidation. Given that gold set its all-time high closing price last week, we believe there is a basis for further upside momentum for the bulls. This positive sentiment may continue until Powell's testimony in Congress and the release of the US February nonfarm payroll data on Friday.

Due to the excessively strong upward momentum in gold prices, current technical indicators are completely divergent from the price. We believe that further reliance on indicators for reference has limited significance. Therefore, technical patterns will be our primary tool. Moreover, the nonfarm payroll data may act as a turning point for gold prices.

According to technical patterns, the current price rise aligns perfectly with our strategy laid out on Monday. We anticipate that the target of this price increase will be the D point of the "bat pattern" at $2,190, with potential testing of the $2,225 level upon breakout, followed by a retracement.

Downside targets will test various support levels at $2,175, $2,147, $2,124, and $2,090, among others. Further decline may pause around the December resistance level near $2,088 before finding support around the critical constraint area near $2,079.

Overall, we believe that the rise in gold prices by the bulls is rational and inevitable. We also believe that this upward movement will not experience the rapid decline seen after last December's historic high, and the bulls should maintain control within the $2,158-$2,200 range at least until the end of the month. Short sellers should exercise caution and assess their positions accordingly.

Trading Recommendations

Trading Direction: Long

Entry Price: 2153

Target Price: 2200

Stop Loss: 2123

Valid Until: 2024-03-21 23:55:00

Support: 2152, 2149, 2144

Resistance: 2175, 2190, 2225

Risk Warnings and Disclaimers

Add to Favorites

Peterson

Commodity

Summary:

The oscillation range during the day will be 77.6-79.0, and investors are advised to buy low and sell high.

BUY WTI

Close Time

CLOSED

77.600

Entry Price

80.400

77.100

70.245 +0.735 +1.06%

50.0

Pips

Loss

77.100

77.086

Exit Price

77.600

Entry Price

80.400

Fundamentals

During the Asian session on Thursday (March 7), WTI crude oil fluctuated in a narrow range and is currently trading around 78.5 dollars per barrel.

Yesterday, oil prices rebounded at the hourly level as expected in the early Asian session. Driven by the positive EIA data, oil prices surged higher in the American session, and finally closed a long bull candle. Recently, there has been a marginal bullish change in fundamentals. Although the crude oil inventories announced yesterday were increased, the magnitude was much smaller than expected. The supply margin is changing for the better. In addition, the substantial inventory cut of refined oil products and the continuous improvement in demand are also crucial factors to boost the market. Meanwhile, U.S. crude oil production fell by 100,000 b/d. Also, the price of light crude oil sold by Saudi Arabia to Asia rose above expectations. Under the joint efforts of these bullish factors, oil prices rose by more than 3%, but they were still under pressure at 80 and then retreated. The market has revealed the irritability of the bulls. In other words, the bulls were optimistic but still cautious. Although the bulls are not enthusiastic about chasing the market, the pullback is highly sought after by the market.

News: Oil exporter Saudi Arabia raised the official selling price of its flagship Arabian Light crude to Asia in April, at a premium of $1.70 per barrel to the Dubai average in Oman and slightly higher than the previous premium of $1.50. According to data from the General Administration of Customs of China, in the first two months, we imported 88.308 million tons of crude oil, an increase of 5.1%, and the price per ton was 4127.8 RMB, an increase of 1.1%.

Inventories: Commercial crude oil inventories, excluding strategic reserves, increased by 1.367 million barrels, or 0.31%, to 449 million barrels. U.S. Strategic Petroleum Reserve (SPR) inventories rose 706,000 barrels, or 0.2%, to 361 million barrels in the week ended March 01. Cushing inventories rose by 701,000 barrels. Gasoline inventories fell by 446 barrels, compared with the expected decrease of 1.64 million barrels. Refined oil inventories fell by 4.13 million barrels, compared with the expected decline of 665,000 barrels.

Production: U.S. domestic crude oil production fell by 100,000 barrels to 13.20 million b/d in the week ended March 01.

There is no big news today, traders need to pay attention to the US non-farm payroll data this week.

Technical Analysis

Yesterday, crude oil moved as expected. Bearish momentum was exhausted. Oil prices rebounded out of the hourly level in the Asian session and finally corrected from the high in the US session. Since the beginning of this week, bullish factors in the oil market piled up, especially on the last night. However, oil prices have not been able to break through their recent highs. Technically, it is mainly the price restriction of the daily pattern. However, the lack of bullish confidence is still the root cause. Recently, oil prices have been repetitive, with weak inertia, which has barely maintained a volatile upward pattern. But there is no enthusiasm for the market to go long. Perhaps, a breakthrough in oil prices still needs a chance, a factor that can ignite the enthusiasm of bulls, such as an escalation of geopolitical risks, a substantial change in supply and demand, or a re-strengthening of easing expectations. Otherwise, oil prices will keep moving within the channel in the chart below.

Judging from the 1-hour line, the death cross of the MACD is widening. The momentum of oil price bears is still being released. During the day, oil prices remained weak and volatile, which will move to the downside around the 77.5-78 area, the lower edge of the BOLL, for support. In the 4-hour K-line chart, a long bear candle launched a correction of oil prices, with 3 consecutive bears shown at the moment, and the amplitude has narrowed. However, as the bearish momentum has not yet been fully released, prices are expected to fluctuate and retreat slightly during the day. On the daily chart, a bullish piercing line appears but with a long upper shadow. The market is still tangled, and the daily line tends to continue to close high. During the day, traders can still buy low and sell high in the range of 77.6-80.4. The Data Is Positive Across the Board, But the Bulls Remain Cautious _1

The Data Is Positive Across the Board, But the Bulls Remain Cautious _1

Trading Recommendations

Trading Direction: Long

Entry Price: 77.600

Target Price: 80.400

Stop Loss: 77.100

Support: 77.500/75.500

Resistance: 80.000/81.800

Risk Warnings and Disclaimers

Add to Favorites

Warren Takunda

Forex

Central Bank

Traders' Opinions

Summary:

The Japanese yen surged on speculation of a BOJ rate hike, supported by strong cash earnings data. Meanwhile, the CADJPY pair continued its decline, facing resistance at 100.75.

SELL CADJPY

Close Time

CLOSED

110.000

Entry Price

108.000

111.500

109.247 -0.410 -0.37%

64.5

Pips

Profit

108.000

109.355

Exit Price

110.000

Entry Price

111.500

The Japanese yen surged to its highest levels in a month, breaching past the 149 per dollar mark, as speculation intensified regarding a potential interest rate hike by the Bank of Japan (BOJ) this month. This rally was fueled by robust data indicating a 2% increase in cash earnings in Japan for January, marking the highest uptick in seven months. BOJ Governor Kazuo Ueda's cautious stance on transitioning away from ultra-accommodative monetary policies underscored the importance of sustained positive wage-inflation dynamics. Moreover, BOJ board member Junko Nakagawa echoed this sentiment, expressing optimism about the economy's prospects for achieving a favorable cycle of inflation and wages.

Externally, the yen capitalized on the weakness of the US dollar and declining Treasury yields, propelled by Federal Reserve Chair Jerome Powell's remarks hinting at a potential easing of restrictive monetary measures later this year. This confluence of factors bolstered investor confidence in the yen's strength, further solidifying its position in the forex market.

Technical Analysis

Meanwhile, the CADJPY pair extended its downward trajectory, with the prevailing negative sentiment driven by the steadfast resistance at the 100.75 level. The persistent bearish momentum, as indicated by major technical indicators, facilitated the pair's descent to new lows, settling close to 109.95.

The pair's failure to breach the 110.20 barrier suggests the potential activation of a double top pattern, bolstering the efficacy of the bearish onslaught and paving the way for further downside movement. Anticipated targets for the pair include the 109.38 level, with a breach potentially leading to a subsequent decline towards 108.0.

In terms of today's trading outlook, the expected range for the CADJPY pair lies between 110.15 and 109.40, with a prevailing bearish bias dominating market sentiment. Traders are advised to monitor price action closely for potential breakouts or reversals within this range.

TRADE RECOMMENDATION

SELL CADJPY

ENTRY PRICE : 110.00

STOP LOSS : 115.500

TAKE PROFIT : 108.00

Risk Warnings and Disclaimers

Add to Favorites

Peterson

Commodity

Summary:

Today's oscillation range should be $2120 - $2165, and it is better to sell at highs.

SELL XAUUSD

Close Time

CLOSED

2165.00

Entry Price

2120.00

2170.00

2617.79 -15.69 -0.60%

50.0

Pips

Loss

2120.00

2170.01

Exit Price

2165.00

Entry Price

2170.00

Fundamentals

During Wednesday's (March 6th) Asian session, spot gold oscillated narrowly, and it is now trading at $2147.

Yesterday, gold continued to be strong and closed the daily chart with a bull candle. In the U.S. session, gold also achieved a record high of $2152, boosted by the sentiment and yesterday's worse-than-expected ADP employment data. In addition, the January JOLTS fell back, while the Fed Beige Book showed weak consumer spending. All the poor data strengthened the rate cut expectation of the Fed, resulting in the plunge of the dollar and U.S. bond yields. Comparingly, gold prices were boosted, and investors continued to trade ahead of the easing expectations. Now, the gold price is currently at a high and keeping gold bulls away, while gold bears suffer from the trade. But this situation may be changed in the next two days according to how much capital each side can spend. Although the bull market doesn't touch the top, the current rise is just driven by sentiments, and there are little changes in fundamentals. Thus, it is better to keep a bullish view without going long and try to go short with small positions and small stop-losses. In this way, investors can chase a better profit/loss ratio compared to following a risky upward trend.

Data: U.S. February ADP nonfarm employment was 140,000, while the expected number was 150,000 compared to a previous number of 110,000. Besides, U.S. January JOLTS job openings accounted for 8.863 million, while the expected number was 8.9 million with a former reading of 8.889 million.

Speaking: Fed Chairman Powell testified before Congress, reiterating that it may be appropriate to begin cutting interest rates sometime this year, but that the Fed needs to be more confident that inflation is falling back to its target in order to cut rates. Powell said that rate cuts depend on the direction of the economy and has some confidence that inflation will fall to the 2% target.

Today's focus: The main focus is on the change in sentiment. This week, investors should pay more attention to the U.S. ADP employment data for February and nonfarm payrolls data.

Technical Analysis

Yesterday, gold was still strong and it hit a record high of $2152 during the U.S. session. Then, it closed with a bull candle to achieve the 6 consecutive rise. In fact, the appreciation of gold was basically this week by 110 points, while the slope of the daily chart was almost 75 degrees. Such a strange trend is certainly driven by the bullish sentiment, but this is an unhealthy trend to be maintained for long. In the short term, the momentum will be basically released, and the coming retracement is inevitable. When the moment arrives, or if this Friday's nonfarm payrolls are negative, gold will suffer from a significant retracement. On the contrary, gold bulls could take profits and wash trading if the nonfarm payrolls are positive.

Technically, gold retraced to $2124 after surging to $2131 in the Asian session. Then, gold oscillated upward, and ascended to a new high after getting support from data in the U.S. session. Finally, it reached a new high at $2152 after falling to $2132, indicating an abnormal trend. After hitting new highs, gold did not ascend or descend tremendously, suggesting that many bear positions have left. Therefore, gold bulls are not necessary to pull up. In the 1H chart, the ascending trendline is clear and smooth, but the MACD forms a death cross. After being released for days, both bullish and bearish momentum is weakened, showing little space from both sides. Regarding the 4H chart, MACD forms a golden cross without any improvement in the overbought situation. In a larger cycle, gold faces restrictions from the upper side and may fall from high. In the daily chart, MACD forms a golden cross and expands, but gold starts to enter the overbought zone. Moreover, the slope of the daily chart is dangerous, and it will be hard to maintain further. The trading range for today will be $2088-$2156, where aggressive investors can buy low and sell high with more focus on selling at highs. Gold Reaches A New High Under Easing Strategy_1

Gold Reaches A New High Under Easing Strategy_1

Trading Recommendations:

Trading direction: Short

Entry price: 2165

Target price: 2120

Stop loss: 2170

Support: 2142.000/2120.000

Resistance: 2152.000/2165.000

Risk Warnings and Disclaimers

Add to Favorites

Eva Chen

Forex

Summary:

The technical signal weakened, and the GBPJPY fell below the key support area after hitting a new high, facing further correction; However, there are no signs of large-scale selling, and relying on key support, bulls still have rising confidence.

BUY GBPJPY

Close Time

CLOSED

190.433

Entry Price

192.300

187.700

198.192 +0.306 +0.15%

113.5

Pips

Profit

187.700

191.568

Exit Price

190.433

Entry Price

192.300

Fundamentals

The GBPJPY is currently showing retracement momentum, suggesting that the bullish trend may be about to slow down.

The first support level at 188.67 has been identified as overlapping support, in line with the 23.60% Fibonacci retracement. Historically, this level would exhibit a significant area of buying interest and may provide support for prices on pullbacks.

In addition, the second support level at 185.44 is considered to be overlapping support, in line with the 50% Fibonacci retracement. This reinforces its importance as a level for buying intervention to prevent further declines.

On the resistance front, the first resistance level at 191.17 is still identified as higher swing resistance. In addition, this level is very important as it coincides with the 161.80% Fibonacci extension and 61.80% Fibonacci retracement, indicating Fibonacci convergence and suggesting the presence of a strong resistance area.

Moreover, the second resistance level at 193.28 is located at 78.60% Fibonacci retracement, further reinforcing its importance as a level where selling pressure could intensify.

Bulls Set to Regain Upside as They Ride on Key Support_1

Technical Analysis

The GBPJPY retraced from its eight-and-a-half-year high of 191.30 (last Thursday) and found support around the 20-day SMA of 189.50. This line protected the market at the end of January, and although the GBPJPY is likely to test this support again; we believe that signs of a large-scale sell-off are not yet clear and that the bulls will regain their confidence on the upside, relying on key support.

Although the current momentum indicators suggest that buying interest is waning, after all, the key support has not been broken. What the bulls need to do at the moment is to stabilize the market to set the stage for a subsequent rebound. Moreover, the bulls need to rebound above the 190.20-191.14 range to improve sentiment and trigger a move higher toward the 193.32-194.00 range, where the March 2023 breakout support trendline and the May 2021 resistance line are located. A break above this resistance could extend the uptrend to the upper limit of 2015 in the 195.30-195.87 range.

On the downside, a break below the 20-day SMA at 189.50 could squeeze prices near the 50-day SMA at 187.50. The subsequent decline could first retest the base of 186.00 and then the 184.00-184.50 range.

Overall, the GBPJPY's current recovery needs to stabilize the previous lows and then push the price successfully back above the 191.14 level; otherwise, the GBPJPY could experience more downside movement. It is recommended to buy the dips with reference to key support.

Trading Recommendations

Trading direction: Long

Entry price: 189.50

Target price: 192.30

Stop loss: 187.70

Deadline: 2024-03-20 23:55:00

Support: 189.37, 189.07, 188.51

Resistance: 190.68, 191.18, 191.30

Risk Warnings and Disclaimers

Add to Favorites

Eva Chen

Economic

Stocks

Summary:

The Dow Jones Industrial Average hovered near the top on Tuesday, and despite the pullback, investors continued to add long positions at lower levels.

BUY US30

EXP

EXPIRED

38450.00

Entry Price

39600.00

38000.00

42987.92 -399.53 -0.92%

Pips

EXPIRED

38000.00

39176.97

Exit Price

38450.00

Entry Price

39600.00

Fundamentals

Following a modest pullback in the previous session, U.S. stocks fell sharply in Tuesday trading. The major stock indexes were significantly lower, with the Nasdaq, dominated by technology stocks, falling significantly.

The major stock indexes recovered from their lowest levels at the close but remained firmly in the negative zone. The Nasdaq fell 267.92 points, or 1.7%, to 15,939, the S&P 500 lost 52.30 points, or 1.0%, to 5,078, and the Dow fell 404.64 points, or 1.0%, to 38,585.

Software stocks fell sharply during the day, causing the Dow Jones U.S. Software Index to tumble 3.4%. Among software stocks, GitLab (GTLB) tumbled 21.0% after it reported better-than-expected Q4 results but provided disappointing guidance.

Semiconductor stocks were also notably weak, as reflected in the 2.1% decline in the PHLX Semiconductor Index.

Commercial real estate, housing, and transportation stocks were also notably weak, while bank stocks rose strongly.

Investors continue to take advantage of recent market strength to profit amid weakness on Wall Street. At the same time, long positions in other global markets are also in expansion mode, which increases the risk of a market pullback.

MARKET WATCH: U.S. stocks have been on the rise so far this year, with mania around artificial intelligence and optimism about economic growth driving the S&P 500 to record highs. The tech-dominated Nasdaq 100 has risen for four consecutive months, but the rise in tech stocks has been driven by fundamentals.

This U.S. stock rally differs from historical stock price volatility, which typically exceeds its value in other periods. Unlike previous episodes, the breadth of "extreme valuations" is much smaller this time around, and the number of stocks trading at extreme price-to-earnings ratios has declined sharply from its peak in 2021.

The rapid rise in the stock market suggests that a bubble is building up. While there could be a tactical pullback in the stock market, the greater risk to the stock market will be a pickup in bond yields given the resilience of the U.S. economy. Investors can throw in the towel on growth-sensitive sectors such as energy, but with tech stocks making up 30% of the S&P 500. If the economy continues to act as if it is unaffected by gravity, then continued stock market declines will be inevitable.

It also suggests that the Federal Reserve's "pivot" signals from last December are justified, which will lower long-term borrowing costs and help to reduce real interest rates. In the absence of interest rate cuts, higher borrowing costs, tighter credit and reduced cash reserves from fiscal stimulus during the COVID-19 pandemic should ultimately weaken consumer spending.

Later today, data on another indicator of inflation (the U.S. Global Supply Chain Pressure Index for February) will be released. Investors seem to be weighing this event and how much pressure this will put on the stock market.

Currently, investors are waiting for inflation data to fall further, which will push the Fed to cut interest rates. And since the technical indicators are not completely broken, investors will continue to take advantage of each bearish correction to build more positions at lower levels.

Far From Sell-Off Levels Despite the Pullbacks in U.S. Stocks_1

Technical Analysis

In the 4H timeframe, the Dow Jones Industrial Average (DJIA) broke below support-turned-resistance at 38758, indicating strong short-term selling interest. However, as we said earlier, a series of lower lows could encourage the bulls to extend the uptrend and squeeze the bears further; after all, the strong short-term sell-off is far from reaching break levels.

The DJIA still maintains overall bullish momentum. In this case, if the price breakout to the upside is confirmed, the bulls may continue to be bullish towards the first resistance level.

The first resistance level to the upside is at the previous high of 39265, while the second resistance level is at 39322, identified as retracement resistance, which is in line with the confluence of Fibonacci levels. The higher level at 42112.98 is considered resistance in line with the 161.80% Fibonacci extension, which increases its importance as potential resistance for further bullish moves.

In terms of support, the first support level at 37812 is an overlapping support level in line with 23.60% Fibonacci retracement. Further down, the second support level at 36820 is retracement support, close to the 38.20% Fibonacci retracement, further reinforcing its importance as a potential support level.

Trading Recommendations

Trading direction: Long

Entry price: 38450

Target price: 39600

Stop loss: 38000

Deadline: 2024-03-20 23:55:00

Support: 38347, 38107, 37819

Resistance: 39135, 39265, 39322

Risk Warnings and Disclaimers

Add to Favorites

Daily News

Remarks of Officials

Central Bank

Forex

FastBull Events

FastBull Featured

Devin

Mohammad Omar

Recent Searches

Top Searches

Markets

News

Analysis

User

24/7

Economic Calendar

Education

Data

Bullish Momentum Based on Retracement with Emphasis on Positioning

Fundamentals

Technical Analysis

Trading Recommendations

Gold Price Strength to Persist Until Month End, No Rapid Decline Expected After December's Surge

Fundamentals

Technical Analysis

Trading Recommendations

The Data Is Positive Across the Board, But the Bulls Remain Cautious

Fundamentals

Technical Analysis

Trading Recommendations

Japanese Yen Rallies on Rate Hike Bets: BOJ's Next Move Fuels Optimism

Gold Reaches A New High Under Easing Strategy

Fundamentals

Technical Analysis

Trading Recommendations:

Bulls Set to Regain Upside as They Ride on Key Support

Fundamentals

Technical Analysis

Trading Recommendations

Far From Sell-Off Levels Despite the Pullbacks in U.S. Stocks

Fundamentals

Technical Analysis

Trading Recommendations

Risk Disclosure