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.The market was open to wide manipulation, due to the thin volumes happening. It was expected, after the rush of huge intraday volatility in the last month, that things would calm down relatively. It seems that the market is out to prove me wrong on this count too.
Anyway, from the cursory glance of the chart of last week, we see that every major rise is being met with selling. At present the bears seem to have the stronger hand. But please keep in mind that it is very simple to manipulate the market with low volumes.
The downside violation of the horizontal red line around the 4720 level is weighing in favour of the bears. The rising red line is weighing in favour of the bulls. Where does it leave the small trader? In the zone of uncertainty. The previous swing top of 4971 has still not been violated on the upside. So also, the previous swing bottom of 4628 is intact.
From such a long discourse, what is the capsule? Stay out when uncertain.
For those readers who still have open positions, I can suggest only one thing … Just adhere to the stops.
Long term traders may continue their stops at 4460. Short term traders may watch 4538.
Trade happy after planning your trade.
