Morning Traders,
Alright lets get started.
US market closed up mildly which was about the premarket level for last Friday.
Currently, the Dow is down about -50 points and the S&P is down about -6 points.
There will be some support levels down here the first one being the 1313 level on the Daily which is the 200ema on the S&P and then the 1303 level on the Weekly as we have the 50ema there.
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In our local market, the sentiments remain bullish. Our futures have broke all time highs and our cash is just shy by about less than a point.
The trend remains on the upside for me. However, I think we might pull back a bit more before continuing moving up again.
Honestly, looking to sell is quite scary at this point. But I think a scalp here and there should be alright. I will close the shorts and turn long should the support levels hold nicely.
Watch your levels and trade accordingly.
Here are your trading levels:
FKLI
Upper Resistance: 1609, 1612, 1615, 1618
Lower Support: 1604, 1601, 1598, 1595, 1591
Cash Index
Upper Resistance: 1604, 1609, 1611, 1613
Lower Support: 1601, 1598, 1595, 1592
Trade safe and I'll come back to update the charts a bit later! ciao!
Best Wishes,
Tech Trader
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