October 20, 2016

Market outlook

Daily charts
- trend is up on daily charts
- rangebound movement seen for now 2 days
- markets approaching upper trendline of falling channel
- breakout from channel will be bullish
- immediate support 8500





5 min charts
- some signs of selling happening; today was no different
- markets getting increasingly rangebound


1 comment:

  1. last two days with gap up opening is not favored much by EOD. Last two hrs of 5 min chart forming doable top indicates negative opening.It could not gather enough strength during these two days to break top line of the falling channel.May retest 8500.

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