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.It does seem that my anticipation for the market turned out horribly wrong.
The previous intermediate bottom has been broken with a gap. This is not a good sign for bulls.
It does seem now that the market may test the previous bottom of 4450. Whether it does or not, remains to be seen.
One thing is sure. The market is not trending either upwards or downwards, from the intermediate term perspective. It has been sideways. The short term trend is down, of course. The long term trend is still up.
However, the long term trend also looks in danger of turning down. It could be prudent to hedge at this stage.
The longer lower shadow of today may be attributed to weekend short covering, and may not be significant, unless we have strong follow up buying on Monday.
Trade happy after planning your trade.
No comments:
Post a Comment