The sharp movement late afternoon yesterday gave an indication that sharp moves may be expected today but the market proved otherwise today.The small range in which it traded was a good lesson in patience, which is the trait that traders are supposed to master!
As the expected down move till 5930 levels did not materialise , I closed my short position as EOD the symmetrical triangle pattern made me doubtful of the direction of the move.Preferred to wait out and join the move once nifty decides whichever way!
As the expected down move till 5930 levels did not materialise , I closed my short position as EOD the symmetrical triangle pattern made me doubtful of the direction of the move.Preferred to wait out and join the move once nifty decides whichever way!
Outlook for tommorrow:
The price can move towards 5950-5930 levels , find support and move upwards.This is the positive bias.And it should be a very sharp move through the main ML ( daily chart) for the upmove to gather momentum and race up.
Negative Bias will be a breakdown of 5930 levels .Supports further down are at 5865 / 5780 levels.
Will wait on price moves tommorrow for further action.
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