On EOD charts, we had a bullish piercing bar - this has bullish implications as long as today's low 7840 does not break.
Further confirmation will come if we have a gapup opening on Monday (i.e. above 8020 spot).
Inability to sustain at higher levels can mean weakness and negation of any bullishness attributed to the piercing bar.
The broader trend as per swing theory is down... this will get negated if markets close above 8200 spot.
Option writing points to support at 7800 and resistance at 8200.
EOD Charts
Weekly charts are hinting at trend reversal. But deep weekly support is at 7400 levels so many people may rightly wait for a faster retracement/ break of this rally to confirm a trend reversal (less than 10 weeks).
Further confirmation will come if we have a gapup opening on Monday (i.e. above 8020 spot).
Inability to sustain at higher levels can mean weakness and negation of any bullishness attributed to the piercing bar.
The broader trend as per swing theory is down... this will get negated if markets close above 8200 spot.
Option writing points to support at 7800 and resistance at 8200.
EOD Charts
Weekly charts are hinting at trend reversal. But deep weekly support is at 7400 levels so many people may rightly wait for a faster retracement/ break of this rally to confirm a trend reversal (less than 10 weeks).
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