How this change of character bar marked a key shift in market dynamics [Video]

Ming Jong Tey Independent Analyst

Watch the video from the WLGC session on 24 Dec 2024 to find out the following:

Insights into potential scenarios, including prolonged trading ranges and increased choppiness in the market.
How a single bearish bar can reverse weeks of upward momentum and what it means for traders
How does the change of character bar impact the broader market trend and potential volatility
and a lot more...

Market environment

The bullish vs. bearish setup is 182 to 271 from the screenshot of my stock screener below.

Three stocks ready to soar

23 actionable setups such as NVDA, WIX<, TIGR were discussed during the live session before the market open (BMO).

NVIDIA (NVDA)

Wix.com (WIX)

UP Fintech (TIGR)

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.