Trend is down and will reverse on close above 8630 spot.
Within this downtrend, markets recovered smartly off oversold conditions... this was along expected lines.
Now within any trend, an anti-trend move of 2-3 days is allowable. So now we have 2 days of higher high higher lows and also 2 gaps to contend with.
Interestingly, today was a small bar implying selling at higher levels.
Weekly charts: bullish bar this week though follow thru buying doubtful considering size of previous down bar.
Swing low for uptrend remains at 7720.
EOD charts: note big gapup openings and smaller bars. This may indicate selling at higher levels and something we have to be alert for. Fibonacci retracement indicates resistance area around 8400.
Intraday charts point to selling at higher levels....
Within this downtrend, markets recovered smartly off oversold conditions... this was along expected lines.
Now within any trend, an anti-trend move of 2-3 days is allowable. So now we have 2 days of higher high higher lows and also 2 gaps to contend with.
Interestingly, today was a small bar implying selling at higher levels.
Weekly charts: bullish bar this week though follow thru buying doubtful considering size of previous down bar.
Swing low for uptrend remains at 7720.
EOD charts: note big gapup openings and smaller bars. This may indicate selling at higher levels and something we have to be alert for. Fibonacci retracement indicates resistance area around 8400.
Intraday charts point to selling at higher levels....
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