Trend, Momentum, and S/R Levels
Review of previous Analysis:
Trading recommendation – Closing today in profit
S/R Levels – Correct
Direction View - CorrectPrice reached 81.01 (our resistance was 80.9/81.25) and made a low of 80.61 (near support of 79.55).
System Analysis:
| Analysis | |
|---|---|
Minor Cycles |
Near Top, may expect minor correction |
Intermediate Cycles |
Turned Up, but end of downtrending not confirmed |
Major Cycles |
Approaching Bottom |
Conventional Technical Analysis:
Bearish setups –
1. Momentum indicating overbought price
Bullish setups –
1. Price has crossed above 30 DMA
2. Price has crossed above down channel
3. Price has crossed above speed resistance line
Price has all bullish signals except momentum which may cause a correction.
Key S/R Levels:
• Resistance Levels: 80.9 - 81.25
• Support Levels: 80.8 - 80.55 - 80.1
Risk: Buyers may not see a dip.
Recommendation: Book profit in yesterday's short at CMP 80.63. Yesterday when price crossed below 80.8, then it was unable to go above it but did not reach our target of 80.58. Wait for a correction to buy.
No comments :
Post a Comment