December 8, 2014

Market outlook

Trend is up and will reverse on close below 8300.

Now last week's low was 8500 and a good support and today (first day of the week), markets sold off and closed below this support. So depending on your trading style, you may assume that trend has already reversed. If this is the case, then fine... your buy above level would be last week's high at
8630 spot (roughly).

Hourly charts have a clear sell...

EOD charts:

Intraday charts:

On 5 min charts, clues for shorting are available in the black box... confirmation would be break of day's low... short horizontal line is exit on trailing SL.

First 3 bars are bullish but thereafter there was no follow thru buying.

On hourly charts, we have sell below 8500 spot...

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