Towards upside bulls can target 5260-5350-5400 levels and towards downside 5120-5073-5065-5053-4980-4900 -4840 would be support.Momentum to remain bullish once 4950 is protected.Buying at Higher level is strict "No" considering Daily and Weekly "OB" Condition.I am anticapting wave -4 correction may go to 4950 .However overall trend to remain bullish once 4900-4950 is protected.
Trend/Momentum :Daily and Weekly Chart have reached overbought Territory.
Pattern : Impulsive 5 wave pattern . Wave-3 is in progress. Wave -4 will start (need follow up to confirm - may go back to 4950 )
Position: Price cluster exit at 5100 and 5220-5240.
Action : Profit booking and closed all long position.
Potential Trade setup:
1. SAR 5055-5065 Bullish
2. Sell can be done near 5220 level with stoploss 5250 (TRT)
Follow up SAR trade (ST)
1. No Trades
Follow up Trend reversal trade (TRT)
1.Sell 5140 Stoploss 5160 -Stop out (loss= 20 points)
2.Sell can be done near 5220 level with stoploss 5250 (TRT) (Open)
No comments:
Post a Comment