On weekly charts, trend is up with support at 7450 spot.
On daily charts, we have clear resistance at 7800... this is also supported by call writing. Support is at recent swing low at 7450... Until this breaks consider trend as up.
We have drop in VIX today implying no fear in the markets... incidentally VIX is at very low levels probably indicating complacency.
Intraday charts
On 5 min charts, we had a sell signal on break of the low formed by 9.50am (7820 spot). Notice the bars formed before this time... all indicated selling.
Short trade got covered above 7770 spot ... trailing SL.
On hourly charts, we have trend as up... this will change on close below 7750 spot. THis is the previous swing low and also the support as per kplswing indicator.
On daily charts, we have clear resistance at 7800... this is also supported by call writing. Support is at recent swing low at 7450... Until this breaks consider trend as up.
We have drop in VIX today implying no fear in the markets... incidentally VIX is at very low levels probably indicating complacency.
Intraday charts
On 5 min charts, we had a sell signal on break of the low formed by 9.50am (7820 spot). Notice the bars formed before this time... all indicated selling.
Short trade got covered above 7770 spot ... trailing SL.
On hourly charts, we have trend as up... this will change on close below 7750 spot. THis is the previous swing low and also the support as per kplswing indicator.
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