The strong close last week indicates a shift in control to the buyers. They managed to close above the previous week’s high, establishing a weekly higher low and confirming the daily uptrend. Currently, the bulls have control across all key timeframes: the price is trending upward on the hourly, daily, weekly, and monthly charts. The only challenge they face is on the monthly timeframe, where bears have initiated consolidation; however, this is not a critical issue.
It's plausible that the bulls might either retrace the entire bearish wave or, more likely, close May as an inside bar, setting a price equilibrium that could persist throughout the summer. Given this scenario, the current position might not be ideal for a long entry since we are in the middle of April’s range. If you're considering buying, it would be wiser to wait for a pullback that could provide a more favorable opportunity.
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
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Strong market today. Nothing more to add
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Amazing how many people continue to deny price action and postulate bear flag/dead cat bounce/bull trap
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Bulls are a bit exhausted but market still closed above previous day high. Even if we see some down movement tomorrow, we should treat it as a hourly consolidation and scout for higher low
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After gap down open price returned into previous day range. There is no bearish pressure but bulls are a bit exhausted (price didn't go much higher than previous day close).
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Another strong day. All major sectors looks good. I hope to see some movement in Tech today. It will give extra boost to the market.