2021.03.23

 2021.03.23


Pre-Open Market Analysis of Daily Chart


  • Yesterday was a bear day but bears weren’t that strong because of a small bear body and prominent lower wick. Bears are hesitant.

  • Bears formed a Lo1 Sell Signal yesterday by breaking yday's high. To trigger it, it would need to fall below yday's low at 1727.35.

  • The ioi daily pattern triggered to the downside, but once price neared the 1726 support, it bounced and we closed higher than the last 4 closes of bars which similarly tested that support.

  • Much overlap over the past 6 days, with more prominent tails to the downside.

  • Bulls want a test of 1759 and bears want a meaningful close below 1724-1726 support


Overnight trading on lower timeframes


  • XAU is up 25 pips, near it’s overnight high. Market sold off aggressively by 70 pips after the Asian open to 1731.14 and has since received nearly 100 pips. 

  • H8 is ranging and has a bullish ioi triggering to the upside. There are definitely more prominent wicks to the downside, indicating that dips are getting bought.

  • H4 is showing we are at 1740 resistance after dipping to 1731. The move up was a bear doji with a long lower wick and a bull candle. Bear candles seem hesitant, which bull candles seem more certain.

  • H1 is showing that we bounced off the bear TL that we used yday as a guide and are currently ranging. Prominent tails to the downside AND upside.

  • M30 is a showing a potential double top at resistance 1740-1742. Currently sitting at a 1741.19-1742.78 resistance, Which is also a 70.5-78.6% Resistance.

  • If we get a strong close above 1742.78 then look for a continuation higher to 1746.

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