So, we can see that the market opened with a gap-up today and reached 20,165. However, shortly after that, we witnessed significant selling pressure starting from the 20,165 level. This indicates that 20,165 is acting as a resistance point. Subsequently, the market started moving within a channel.
Around 3 PM, there was a breakout from this channel, and the market reached the 50% Fibonacci retracement area. From my perspective, the market is likely to move upward if it can hold above the 50% retracement level and undergoes a successful retest from that point. In that case, it is expected to make its way towards the first resistance level, which is today's high. The second target is near the 20,200 level.
Resistance levels: 20,105, 20,165, 20,199
Support levels: 20,050, 20,000, 19,940
If the market breaks below the support area, we may witness some consolidation. From my perspective, the market will likely take a pause before establishing a clear trend. On the other hand, if it manages to breach the resistance levels, it could signify a bullish momentum.
Tomorrow, the market is expected to open sideways or with a gap-up. Traders should closely monitor price action and volume to gauge the market's direction and potential opportunities.
Around 3 PM, there was a breakout from this channel, and the market reached the 50% Fibonacci retracement area. From my perspective, the market is likely to move upward if it can hold above the 50% retracement level and undergoes a successful retest from that point. In that case, it is expected to make its way towards the first resistance level, which is today's high. The second target is near the 20,200 level.
Resistance levels: 20,105, 20,165, 20,199
Support levels: 20,050, 20,000, 19,940
If the market breaks below the support area, we may witness some consolidation. From my perspective, the market will likely take a pause before establishing a clear trend. On the other hand, if it manages to breach the resistance levels, it could signify a bullish momentum.
Tomorrow, the market is expected to open sideways or with a gap-up. Traders should closely monitor price action and volume to gauge the market's direction and potential opportunities.