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.So far so good for the Index. The ~4800 level has still not been violated as yet. In fact, due to the mid week holiday, we could probably see listless trading, even on Friday.
If indeed this bottom of 4th holds, we could be back on bullish track.
This is both from the price and time view.
However, as mentioned yesterday, we are still not out of the bear woods. There are many strong resistances built up over the last two trading months, which would be exerting their influence. The first major level would be the black box zone ~5400-5450.
The previous bottom of around 4450 is still alive, which is circled in blue.
Volatility could remain increased all through this month.
If we have gutsy bottom fishers, this could be an appropriate time to get into the act. As is always prudent, stops must strictly be adhered to and small losses cut ruthlessly, before they become unmanageable.
Trade happy after planning your trade.
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