Good signs
The latest statements from the Iranian and American presidents suggest a quick resolution to the conflict. Markets are waiting for Donald Trump’s speech.
Donald Trump isn’t pulling any punches. “Much less radicalized and much more intelligent than his predecessors,” Iran’s new president Masoud Pezeshkian apparently just asked him to establish a ceasefire.
While Iranian authorities haven’t confirmed this yet, it seems plausible this time since the Iranian president told the European Council yesterday he wanted to “end the war” (but with conditions).
Trump’s speech tonight is the big event to watch.
The retrospective
The early selling pressure managed to hit the symbolic 45,750-point level [1] before the market continued its rebound following the Iranian president’s statements. However, the buying push toward weekly resistance 1 failed twice [2][3].
Today's trading plan
Short sellers still control the situation. They took profits at monthly support 4 and let the market bounce, but the rebound may be running out of steam. I’m still focusing on short trades, but I’m taking profits quickly at key intraday levels until buyers really get trapped in this current rebound (possibly today around the monthly pivot point).
Happy trading!
Maxime holds two master’s degrees from the SKEMA Business School and FFBC. As founder and editor-in-chief of NewTrading.fr, he writes daily about financial trading.
Strike zone
One Track Hides Another
Some gift