FKLI TRADING : 332) downtrend is likely persists
this is number 332...
As a summary of what had happened in the full-month August: what you are looking at was hourly chart in August for fkli-aug. FRm the beginning of the month till 17th Aug, index was moving in uptrend. After the mid-month, we had a huge drop frm 17th till 24th August which went frm 1530 all the way to 1465...frm thr, we had an "end-of-month rebound", which was very usual. The rebound merely hit 1509 and didn't go any further. This gave us a "Lower-High" formation and now we are waiting for "lower-low" formation which is a breakdown below the 1460 strong support.
As for the fundamental part, one of the reason why we had a huge fall on 24th Aug 22 was based on Powell's speech on interest rate. Jerome Powell is the current Federal Reserve's chairman, and a lot of huge fund managers in the world have a mutual consensus, they all have a "follow-the-fed" strategy in trading. According to Powell, the interest is "still on the hike". Therefore it is expected to announce another round of interest hike in September. In that case, we could have expected another round of selling in September. so, short on rebound now. till the news come out, then we might have some counter-trend trades.
higher resistance : 1520-1530
resistance : 1503-1510
lower support/ : 1460-1465
WARNING!
RISK DISCLAIMER : this is juz a trading idea...trading stocks, futures , crypto, commodities or forex might incur a huge risk to your account/funds…DON’T LOSE MONEY THAT YOU CANNOT AFFORD…any idea(s) of trading in this episode SHALL NOT be regarded as a hint of BUYING or SELLING. It is MERELY a trading journal and it has been used for educational purpose only… trade at your own risk!
**your "LIKE" and "FOLLOW" are my main source of motivation to continue posting more valuable contents...TQ*
As a summary of what had happened in the full-month August: what you are looking at was hourly chart in August for fkli-aug. FRm the beginning of the month till 17th Aug, index was moving in uptrend. After the mid-month, we had a huge drop frm 17th till 24th August which went frm 1530 all the way to 1465...frm thr, we had an "end-of-month rebound", which was very usual. The rebound merely hit 1509 and didn't go any further. This gave us a "Lower-High" formation and now we are waiting for "lower-low" formation which is a breakdown below the 1460 strong support.
As for the fundamental part, one of the reason why we had a huge fall on 24th Aug 22 was based on Powell's speech on interest rate. Jerome Powell is the current Federal Reserve's chairman, and a lot of huge fund managers in the world have a mutual consensus, they all have a "follow-the-fed" strategy in trading. According to Powell, the interest is "still on the hike". Therefore it is expected to announce another round of interest hike in September. In that case, we could have expected another round of selling in September. so, short on rebound now. till the news come out, then we might have some counter-trend trades.
higher resistance : 1520-1530
resistance : 1503-1510
lower support/ : 1460-1465
WARNING!
RISK DISCLAIMER : this is juz a trading idea...trading stocks, futures , crypto, commodities or forex might incur a huge risk to your account/funds…DON’T LOSE MONEY THAT YOU CANNOT AFFORD…any idea(s) of trading in this episode SHALL NOT be regarded as a hint of BUYING or SELLING. It is MERELY a trading journal and it has been used for educational purpose only… trade at your own risk!
**your "LIKE" and "FOLLOW" are my main source of motivation to continue posting more valuable contents...TQ*
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