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.Another volatile intraday trading day. The high for today has hit the down sloping trendline bang on as can be seen from the chart. The previous bottom is still holding and we can see the extreme short term trendline inching up.
The suggested stops for yesterday have still held, and the short term trend still seems bullish.
From today’s price movement, it does seem that the market is pausing at the right places and behaving in a technically correct way. The efforts to turn to positive sentiment still seem on. If or when, the short term down sloping trendline is also violated to the upside, it would be a point in favour of the bulls.
It is expected that the whole of April will be a period of consolidation with more traders coming back to the market after some bullish confidence is restored.
I would still retain my declared stance for the market. I would wait to see the short term tops of ~4800, ~4900 and ~4980 to be unequivocally violated, and then declare myself as a wholesale bull. Till then I would remain a cautious hedged bull.
Short term traders may retain their stops at ~4627. Long term traders may also retain their stops at 4627.
Trade happy after planning your trade.
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