7.29 Lu Hong big pancake early-session outlook

Yesterday during the white session, the shorts kept pressing hard and the price briefly dipped to around 62,600, setting a new recent low. After the short momentum fully released, the bulls迎來 a volume-backed rebound, and the price climbed steadily, reaching the 64,000 level and entering a range-bound consolidation!

Based on the one-hour chart and technical-level formations, the current price is holding above the Bollinger middle band. The MACD indicator has completed a golden cross from the bottom, and a short-term bullish repair structure has taken shape.

Focus on the Federal Reserve rate decision landing at 2:00 a.m. tomorrow. Before the news hits, price action will see even more frequent range-bound shakeouts, and pin-prick intraday moves will become more commonplace. It is recommended that brothers position with light leverage, and strictly set and follow stop-loss!

Intraday plan
If price pulls back and stabilizes around 63,400, you can open a long. The stop-loss can be placed at 62,800.
Target the first goal at 64,500.
If the second target breaks, then look for 64,900.
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