January 12, 2015

Market outlook

Today markets closed in positive and formed "higher high higher low" for 3rd consecutive day.

Since markets are trading in a triangle, it will be difficult to anticipate size of each move.

At this point, suffice to know 8450 spot will be our buy above level on daily charts (on hourly charts, you would be long quite some time ago).

Option writing points to support at 8000 levels.

EOD charts:

Intraday charts: we had clear signals at start of the day but later on trading became choppy and unreliable given the small trading range.

First signal was a sell and second was a buy. These trades gave negligible profits.

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