November 29, 2016

Market outlook

Daily charts
- trend is down on daily charts
- today, markets traded firm initially but closed flat
- pattern formed: inverted hammer/ shooting star
- advance decline was positive, VIX negative
- option writing support 8000 resistance 8300




5 min charts
- first bar was buy signal (breakout above yesterday's high)
- markets became rangebound between 8200-8220 F
- exit on break of range


2 comments:

  1. both Hammer ( bullish ) and inverted hammer ( Bearish ) found on chart,

    What will be this week direction , between this two hammer or breakout from either one...????

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  2. It is inverted hammer/ shooting star... in current context, it means selling at higher levels.

    However AD was positive and VIX declined... this means, not much downside expected.

    ReplyDelete