Verdict:
Bullish
Plan of action:
observe the 15-minute candle and then go in as situations marked on the chart.
As we discussed in our last analysis, it’s bearish behavior, but it took support at 45000 and turned bullish.
Now if we look at chart data:
the market is trading at a resistance trendline. Which has rejected the Price twice. It might reject it again. Also, the Price is at 200 EMA, which can provide a good resistance at this level of confluence.
Looking at the OI data:
Pcr = 0.86 shows the bullish nature of the market. 46000 shows Huge CE writing, which means it has heavy resistance. The lower side, 45000, is showing good PE writing, which means we are going to provide nice support at this level. We can also see in charts 4550045500-46000 is to be a sideways volatility range.
All possible scenarios have been marked on the chart according to their probability of occurrence. I expect bullishness.
Reasons:
Verdict:
Bullish
Plan of action:
observe the 15-minute candle and then go in as situations marked on the chart.
Disclaimer:
The information provided in this blog post is for informational purposes only. It is not intended as financial, investment, or trading advice. The author is not a licensed financial advisor or professional.
Trading and investing in financial markets carry inherent risks, and past performance is not indicative of future results. Readers should conduct their research, consider their risk tolerance, and consult with a qualified financial advisor before making any trading or investment decisions.
The author is not responsible for any financial losses or gains that may result from actions taken based on the information presented in this blog post. All trading and investment decisions are made at the reader’s own discretion and risk.
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