February 12, 2015

Market outlook

Trend is up... first evidence or hint was on 10-FEB when markets formed a large outside bar.

Second confirmation was today when markets crossed 8650 spot.

Now today's low 8600 spot will be SL for long positions. Whether this rally will lead to new highs or formation of swing high, only time will tell.

Option writing points to support at 8500 and resistance at 9000.

EOD charts

Intraday charts

First trade was a short trade which was breakeven. Second trade (long) gave fantastic profits.

I did not trade intraday as I was long from yesterday and am still long with SL 8600 spot.

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