At current situation, prices are being contracted from the both res & sup making the price action converging. Convergence always results in big moves either side in such a length according to the longest gap between the convergence.
Observation:
1. Check the blue support line, it got hit by 5 candles out of total 7, expressing a suppressive pressure from the above while times of hit on Orange colored resistance line is ONE in that convergence area. Although, that orange resistance line got hit by 7 candles overall which again expresses supressing pressure from the above.
2. Both the green resistance and support lines can make the prices little bit released from the pressure and consolidate it further with not so bad range for reversal loving traders.
3. VIX value too being pressurised in a flat top - inclined bottom in order to give either side quick movement.
Key Trend Lines(Priority wise):
1st - Blue Support Line
2nd - Green Support Line
3rd - Green Resistance Line
In most of the trading days, few 100 points can be traded smartly but we must be ready to hunt the big moves. too.
Key Observation:
1. 4 bearish candle consistently. Next what? Green or Red ?
2. Congested price action area.
3. Avoid active participation, best time to focus on observation.
Analysis Tick:
Keep checking the chart in different point of views, take screen shots, Make a collage and analyse it. The inference must come out with common key points.
Observation:
1. Check the blue support line, it got hit by 5 candles out of total 7, expressing a suppressive pressure from the above while times of hit on Orange colored resistance line is ONE in that convergence area. Although, that orange resistance line got hit by 7 candles overall which again expresses supressing pressure from the above.
2. Both the green resistance and support lines can make the prices little bit released from the pressure and consolidate it further with not so bad range for reversal loving traders.
3. VIX value too being pressurised in a flat top - inclined bottom in order to give either side quick movement.
Key Trend Lines(Priority wise):
1st - Blue Support Line
2nd - Green Support Line
3rd - Green Resistance Line
In most of the trading days, few 100 points can be traded smartly but we must be ready to hunt the big moves. too.
Key Observation:
1. 4 bearish candle consistently. Next what? Green or Red ?
2. Congested price action area.
3. Avoid active participation, best time to focus on observation.
Analysis Tick:
Keep checking the chart in different point of views, take screen shots, Make a collage and analyse it. The inference must come out with common key points.
Note
Gap Down open below "Blue Support Line". Now Orange n Green Support Line will play its role. Be Smart Be Wise on what to do?Note
Back into convergence zone. "Blue Support line - worked fine". Questions in mind:
1. Gap Up Tomorrow?
2. Will it touch the upper Orange Resistance Line?
3. 46982 to 47093 will suppress the price down again? - Most important range!
4. Next target to hit Green and then Orange Resistance line? or Breakout further?
5. Does the price need to test green support line too?
Please Share your point of view on these questions!
Note
5. Does the price need to test green support line too?Ans. Yes, but the poor boy got failed! Suffocation. Fresh air now!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.