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 trending down and upside is very difficult and more downside probabilities are very high. Pullback chance have dimmed as short term cycles have turned down midway before reaching peak. .
• Sell Signal: Since cycles are on downside and down trending has been confirmed, so more downside may be expected. A clear sell signals may take few days as short term cycles have yet to peak..
• Buy Signal: None.
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. Wait for an upward movement for a selling opportunity. Avoid long positions.
Key S/R Levels:
• Resistance Levels: 79.44 - 79.65 - 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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