These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.Today’s chart shows a steady bullish action, where there has been steady buying, keeping the prices moving higher. This establishes a wide 50 point support range for the short term.
If this support is tested and holds, then we could see continued buying support and historic highs being made on a regular basis.
The chart also shows a long term psychological supply line which is extending short term resistance. Short term traders could do well by raising their stop to 4240, which is slightly below the previous historic peak.
Longer term traders could still maintain 4140 as their stop. The derivatives expiry will contribute to volatility, so partial hedging also may be advisable.
Plan your trades and trade happy.
2 comments:
ur blue marker hit on the dot on the lower side today ! so a bounce from tomorrow ??!!
reg
ketan
sorry ! it was the brown fib level at 4240 and not 4140 blue marker, my mistake....
reg
ketan
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