Sentiment: Bullish

Previous Weekly Analysis:

I took a break for almost 2 months so there was no previous weekly analysis.

Monthly Chart(Bullish):

The monthly chart clearly shows strong bullish momentum. There is a high probability of reaching a new all-time high in the coming weeks, potentially touching 6700. June’s candle closed at its high, July’s closed in the upper half, and the current August candle is trading near its upper range with two weeks still remaining. The overall trend remains bullish; while minor pullbacks are possible, the likelihood of reaching 6700 is greater than dropping below 6270, which serves as the previous top of the trading range and support level.

Weekly Chart(Bullish):

The weekly chart also shows strong bullish momentum. After the breakout at the end of June, followed by a continuation that even broke the all-time high, the bullish outlook became very promising—especially given the small pullback in the first week of July. The late-July selloff was likely just profit-taking, as it occurred within a larger trendline structure. Since there was no follow-through selling after that big bearish bar, the market bias has remained long, with no real sign that bears are willing to step in yet.

Daily Chart(Neutral On Monday):

I can’t predict exactly how the market will open on Monday, but the key level to watch is 6370. Price should not drop below this level. A possible strategy would be to look for a long entry before the market reaches 6400, with a stop loss placed below 6370. Alternatively, if the market gaps up on the open, the straightforward approach would be to go long immediately.

5mins Chart:

Three days of sideways movement doesn’t mean the market is about to reverse. Looking at the chart, from Wednesday to Friday the price formed lower lows (LL) and lower highs (LH), but there was no real follow-through on the lows. This pattern looks more like a bull flag. After consolidation, the probability of an upside move—aligned with the higher time frame trend—is high. For Monday, I expect a small gap down and a possible fake breakout, followed by a strong bullish move. The plan would be to wait for a strong bullish 5-minute bar with follow-through before entering a long position.