August 20, 2014

Market outlook

Broader trend is up and will reverse on close below 7540.

Option writing points to support at 7600 and resistance at 8000.

Intraday charts

Despite initial weakness, the selling failed to carry thru the day. Overlapping legs of today's correction hardly supported the bears.

Hourly charts show the setup for formation of a higher swing low.

No comments:

Post a Comment