July 8, 2019

Market outlook

Daily charts:
- trend is down on daily charts (wef today)
- first warning came on hourly charts on Friday
- today markets closed 2.14% in negative at 11559
- AD was 2:7

- I have drawn one channel
- let us see if markets trade within the channel or break lower trendline
- if markets continue trading within channel, there will be whipsaws

- one thing is clear
- 11800 to 12000 is distribution zone
- recall all my prev posts about nifty PE being 28+
- and other posts showing rally lacked broader market participation

5 min charts:
- traded short from 2nd bar
- covered in the 11650 region
- failed to repeat short trade again due to lack of a decent SL
- in hindsight, 11650 F was a good SL

15 min charts:

60  min charts:

No comments:

Post a Comment

Share this...