Yesterday we saw that
there was some buying seen and we expected the index to bottom out soon. Today
we saw some selling early in the session. Soon buying interest dominated and we
saw the index recover and close near the open. The index again closed above the
previous support level of 9860. Technically today’s Bar is a successful test for
supply. We need to see tomorrows move for confirmation of the “Successful Test”. Anyway the market seems to have bottomed out.
We could see some sideways move in the coming days before seeing any upside as the
retracement of the overall up move from 9700 has been quite deep and more than
50%. Some consolidation around these
levels is only natural.
No comments:
Post a Comment