May 5, 2016

Market outlook

EOD charts
- trend is down on EOD charts
- expecting good support around 7500
- resistance 8000

Hourly charts
- trend is down on hourly charts
- sustaining above 7820 F can be bullish

5 min charts
- initial trading range was small and within range of prev day's hi/ lo
- so there was a possibility of selling near prev day's hi or buying near prev day's low.
- indicative arrows for short/ long trades have been shown
- I traded the long side. Booked profit around highs (resistance on hourly charts).

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