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.As can be seen, the down sloping trendline has been retested. The normal weekend profit booking did pull the index down a bit. On the whole the bulls should be satisfied as we have seen a normal bullish day.
The Index is still struggling to break out from the congestion zone, even though the sentiment is turning mildly bullish after this fortnight.
The suggested stops for yesterday have still held, and the short term trend still seems bullish.
I can only repeat myself on what I have been saying all week. 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.
Next week is going to be a very short trading week. We may see some heightened volatility. But the trend is still expected to remain bullish.
Trade happy after planning your trade.
1 comment:
Do you provide any broking or analysis services? I am anxious to join you.
Do you advocate intra-day trading?
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