Markets close 3.7% in the red this week. I thought this would be the biggest weekly drop this year but I was wrong - markets had closed 3.8% in red in one week in JUL 2014 (shown in circle in chart). That time, nothing happened thereafter and markets continued their rally.
This time, I don't know if the same will happen - however we are very close to support at 8160 spot so let's see if market's bottom out here or not.
Weekly charts: ... note support at 8160 and swing low at 7700.
Daily charts: rally from 8160 to 8630 took 23 days but the retracement has taken 6 days. A faster retracement of previous rally also means a trend reversal.
Intraday charts: futures charts
Hourly charts show trend as down from 8500 levels...
5 min charts show progressive break of supports ... Observe overlapping legs in past 1 hour indicating buying.
This time, I don't know if the same will happen - however we are very close to support at 8160 spot so let's see if market's bottom out here or not.
Weekly charts: ... note support at 8160 and swing low at 7700.
Daily charts: rally from 8160 to 8630 took 23 days but the retracement has taken 6 days. A faster retracement of previous rally also means a trend reversal.
Intraday charts: futures charts
Hourly charts show trend as down from 8500 levels...
5 min charts show progressive break of supports ... Observe overlapping legs in past 1 hour indicating buying.
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