As we see in the chart the medium trend was turned down as the purple line was broken and green line around 4500 is very important as it is a long term trend decider, ( if buy any chance we give sustained closing below 4900 then pack ur bags and go home then we may consider this bull market over ). I have been consistently mentioning that 4800/4850 are very important supports and break/sustained close below these levels will mean we may be headed to 4500 ( green line ). As we all know sometimes there are over reactions to any news or panic is at peak level so there could be one more possibility may emerge that we may dip to last intermediate bottom around 4700 in intraday or stay there for 2-3 days and bounce back sharply to close above 4800. In that case neither Higher low pattern will be broken and u may also see a kind of double bottom formation. So watchout for this possibility and those who are waiting to deploy cash should do slowly now between 4500/4800 in a staggered manner.
Have a nice trading day
Regards
Ankit
No comments:
Post a Comment