To The Moon

In today's analysis, I turn my attention to $E-mini S&P 500 - main 2312(ESmain)$, where an intriguing trade opportunity has emerged. The market has demonstrated remarkable resilience around the support range of 4491.75-4496.25, having tested this critical level three times without a break thus far.

1 Hour Chart

The repeated successful tests of this support range indicate its robustness, and my opinion is that it now presents an attractive entry point for traders looking to capitalize on a potential bounce.

The trade idea here is to go long at the current level, with the aim of anticipating a rebound that could retest the upper range between 4541 and 4536.50. This upper range represents a favorable target for potential gains.

To safeguard the trade, a prudent stop-loss strategy is essential. Placing a stop-loss order just below the support range at 4496.25, especially if triggered by high volume, can help manage risk effectively.

As always, it's crucial for traders to conduct their own analysis, consider their risk tolerance, and stay updated on market developments that could influence the trade. Trading decisions should be based on comprehensive analysis and sound risk management practices. This trade idea offers an opportunity to capitalize on the current market, but it's essential to remain agile and adapt accordingly.

Disclaimer: The levels given are my own opinions and not investment advice. If you choose to follow the trade, do note that you are responsible for your own money. Prioritise your own risk management, expel emotions & focus on your trading plan. [Observation] 

$E-mini Nasdaq 100 - main 2312(NQmain)$ $E-mini S&P 500 - Sep 2023(ES2309)$ $E-mini Dow Jones - main 2312(YMmain)$ $WTI Crude Oil - main 2310(CLmain)$