So yesterday's observation that the first leg of downmove reaching its completion --- indicated by tiring out of downward momentum---- proved correct and we saw the downward channel getting broken today:
Now we have to watch Weekly Pivot at 5941 and first technical resistance at 5955 carefully.
If 5955 gets breached then the first leg of downmove would be taken as confirmed ended at 5879 and then next resistances at 5990 & 6040 should be targeted.
If 5955 doesnot get breached then a revisit to sub-5879 would remain an open Probability but it wd not be a very deep downmove and offer a chance to long around 5870 for 6040 target
If 5955 gets breached then the first leg of downmove would be taken as confirmed ended at 5879 and then next resistances at 5990 & 6040 should be targeted.
If 5955 doesnot get breached then a revisit to sub-5879 would remain an open Probability but it wd not be a very deep downmove and offer a chance to long around 5870 for 6040 target
No comments:
Post a Comment