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 breakout from the short term downward sloping channel is still holding.
As was suggested yesterday, we may see a profit booking day after such a huge rise of yesterday. It should be encouraging for bulls that the breakout from the down sloping channel is still holding.
For tomorrow, we should monitor the ~4718 level for a possible sign of weakness. The next level would be ~4530. If that too does not hold, look for ~4470. Now for some explanations. The ~4718 level should hold in case this short term move is to sustain. If ~4530 does not hold, then we should have the alarm bells ringing. If ~4470 does not hold, then short term traders may look for the longer term trend.
And, as we have already been reading constantly, the intermediate term decider may be placed at ~4440.
Trade happy after planning your trade.
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