April 25, 2018

Market outlook

Daily charts
- trend is up on daily charts
- today, NF closed 0.4% in negative at 10570
- AD was 1:2
- so far the option writing level of 10500 is being defended

5 min charts
- did not trade today/ will not trade tomorrow
- rangebound day
- breakout failure ... short at upper end of range was only reliable short trade
- short on break of lower end of range would have given limited profits
- in addition, very strong support around 10500 would have discourage bears

15 min charts
- support 10525 F
- note from 17th April, any indicator would have given multiple whipsaws in 15 min charts
- this is due to rangebound nature of the market

Open interest distribution - next month
- big range 10000 to 11000

No comments:

Post a Comment

Share this...