Trend, Momentum, and S/R Levels
Trend: Down since Sep 2013.
Mode: Trending down.
Review of previous Analysis:
Trading recommendation – Flat market
S/R Levels – Flat market
Direction View - Flat market
Cycle Analysis: Daily major cycle is now trending down and upside is very difficult and more downside probabilities are very high. Pullback is being expected since last three days, that may take place today as short term cycles are still at their bottoms and have not turned up since last two-three days..
• Sell Signal: Since cycles are on downside and down trending has been confirmed, so more downside may be expected. Sell signals may take few days as short term cycles have yet to peak..
• Buy Signal: Pullback can be expected today.
Conventional Technical Analysis:
Bearish setups –
1. Price made a new low on 17th Oct indicating trend is still down
2. Price is below the last support of the speed resistance lines
Bullish setups –
1. Price is near support of 79.
2. Momentum is indicating oversold pricePrice is now near expected immediate support level. Though price is clearly in trending down mode, downward crash immediately today is not expected. Wait for an upward movement for a selling opportunity. Avoid long positions.
Key S/R Levels:
• Resistance Levels: 79.44 - 79.75 - 80 - 80.45– 80.9– 81 – 81.2 – 82 – 82.8
• Support Levels: 79 – 78.5 - 77
Risk: Price may rise quickly to near 80 if it strongly crosses above 79.44 against its downtrend.
Recommendation: Avoid trading.
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