Today we saw some supply coming in to stop the
quick low volume markup we saw this week.
We saw the volume also increase today, though not to a great extend, but
still it was above average. Today’s move is clear sign of weakness. However the intraday chart and the close do
indicate that the buyers did provide a good amount of resistance to the
sellers. As usual we do need
confirmation to the weakness exhibited today. Hence tomorrows move will validate
the weakness. The markup itself was on low volume. Hence a decent retracement will only add
strength and ensure a sustained up trend.
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