Stock market () surges above 2604 despite previous negative trends. If you seized the opportunity to go long, congratulations on hitting the target of 2620/22 and achieving a new all-time high at 2631.
Looking forward, new targets for this week are projected at 2633/35, 2642/44, and 2648/50. Keep a close watch on 2655 if the upward trend persists.
For those considering aggressive buying this week, the initial support level is at 2619/17. However, a potential drift down to 2612/11 is possible if trading volume remains low on Monday.
The strongest support zone ranges from 2604 to 2599. If you are holding long positions, it is advisable to set your stops below 2594 for effective risk management.
WTI Crude November Future
Last session recorded low and high for the November contract: 7037 – 7145 (Useful for comparing the spread with the contract you are trading).
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Resistance is expected at 7100/7150 for shorts with stop-loss above 7200. Targets: 7050, 7000.
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Support level at 7000/6970, but long positions should have stops below 6920. Targets: 7050, 7100.
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Optimal support seen at 6890/6860, with long positions requiring stops below 6830. Targets: 6930, 6980.
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A breakout above 7200 indicates a buy signal targeting 7310/7330.
### Analysis:
The stock market has shown resilience by surpassing previous levels, indicating a strong upward momentum. Investors who capitalized on long positions have reaped rewards, reaching new all-time highs. Moving forward, targets have been set for the week, providing potential opportunities for both aggressive buyers and cautious traders. Effective risk management is crucial, with support and resistance levels clearly outlined for informed decision-making. In the energy sector, WTI Crude futures present opportunities for traders to capitalize on price movements, with clear targets and stop-loss levels provided for strategic trading. Stay vigilant and informed to make the most of market trends and maximize potential gains.