Price did not drop below yesterdays low,instead moved in a range for most of the day and reached 5465 level at close.Price moved out of the red median line set drawn on yesterdays price bars , but has not moved beyond the major Red median line showing the stiff resistance at 5460-5600 levels.What next?
To project the next move drawn the blue Andrews pitchfork and Majenta Schiff median line.The price has "walked along the Lower blue median line parallel indicating the sideways movement and lack of momentum.Wheras with the schiff median line it has met the Magenta Median line and the major Red median line.This is a probable turning point and price fall can start from this zone - + / - 20 points.
Moreover this will be a low risk point to enter a short with minimum stoploss.
Till price reaches 6230-6700 levels it will be sell on rises .
If price falls to reach 5470 - 5450 band where it should hold for price reversal with momentum.
No comments:
Post a Comment