It was a perfect trap for the late bulls in the last session and the three day pattern on charts indicate a mild reversal pattern.Had it broken the 3567 barrier and closed below that, it would have confirmed the reversal for the short term.
The markets were unable to move at all an inch higher at day's high yesterday and it looked like it was not able to hold on to the weight and crumbled. It was giving clear indications to press the 'Sell' button then and it seems like this entire up move is to trap the late bulls. The volumes were significantly higher than the past 10 days that we have seen.
Does this signify that the bull run we have seen is getting over and we are near the intermediate peak?
It looks so and from now on, it will be short on every rise with a stop of 3795 and any break of 3567, 3517 levels would aggravate the selling and would push the markets further to test 3424 levels.
-
Happy Trading
www.tripleint.com
Resistance levels : 3645, 3662, 3708
Support levels : 3595, 3567
Happy Trading
www.tripleint.com
No comments:
Post a Comment