verdict:
Sideways in channel AND bearish if breaks to the downside.
Plan of action:
Go bearish if it breaks to the downside; Target 200 EMA.
As we discussed in our analysis & on YouTube , it reached the target and then fell.
You can also find the analysis on youtube channel link in Bio.
Now if we look at the chart:
the market is in a rectangular uptrend pattern and is now at the lower support line. Looking at the selling pressure volume in the last session, it was a strong fall from ATH. Now, if it breaks down, it will be going at 200 EMA.
Looking at the OI data:
PCR = 0.85, which indicates bullish. also next week PCR = 1.0 shows bullishness. the market is leaning towards bulls unless it breaks to the downside of the channel. Upside 22000 is a really strong resistance level. On the downside, the next good support level is at 21500.
FII & DII indicate a neutral signal.
Now I am expecting market to be either sideways(inside channel) OR bearish (if breaks to downside.)
Reasons:
verdict:
Sideways in channel AND bearish if breaks to the downside.
Plan of action:
Go bearish if it breaks to the downside; Target 200 EMA.
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.
Finnova© All Rights Reserved
