July 24, 2014

Market outlook

Trend is up as markets close at new high. Advance decline was flat.

Consider trend reversal only on close below 7450 spot.

Intraday charts

Trading on 5 min charts was tricky as markets were getting increasingly rangebound in past 2-3 days. Initial buy signal failed and while there was no short signal, it was a difficult day.

On hourly charts, trend is still up with support at 7750 spot. The hourly chart is showing a beautiful trend with SL moving up in stages.

No comments:

Post a Comment

Share this...