Today’s move was not an unexpected one. We did anticipate the attempt at
9220 soon. Quoting from yesterday’s post [we can expect Demand to step in the
next couple of days and the next attempt to make new high will start]. The
index opened near yesterday’s close and quickly moved past the important level
of 9220 and stayed above that level for the remaining session absorbing all the
supply. The Volume also increased considerably from yesterday’s level. This and
the fact that the index held on to the high for most of the session makes the move
more authentic. The volume was not very
high either indicating that supply was indeed lukewarm. All this only adds
validity to today’s move and augur further upward moves.
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