January 2, 2014

Market outlook

Markets finally seem to be developing some sense of direction and that happens to be down. However a trend reversal will require far more confirmations; this is complicated by the fact that markets have been rangebound for 3-4 months and a cluster of supports has developed in the region of 6000-6100.

Option writing points to resistance at 6500... this has been the case right from last week of DEC 2013.

Intraday charts: if you are following 15 or 30 min charts, you would have been stopped out of long positions and you would be short. If not, look to short on any decent bounce and then a failure of that bounce.

No comments:

Post a Comment

Share this...