Don't be fooled by a pullback
Updated
Pullback or correction are what some traders, ie. intraday traders make a living. They trade based on shorter time frames like hourly or even minutes. However, if you are a mid to long term trader/investor, then you would require more confirmation or evidence before taking the plunge to buy.
In this case, Nifty 50 has pull back significantly from the support level at 11632. It faces 2 scenario now, continue to go up north by breaking out from the bearish trend line or ends the dead cat bounce/pull back and continue to revisit the support at 11632.
Until the price action is broken out from the trend line, there is no action needed, just observing and studying the chart.
In this case, Nifty 50 has pull back significantly from the support level at 11632. It faces 2 scenario now, continue to go up north by breaking out from the bearish trend line or ends the dead cat bounce/pull back and continue to revisit the support at 11632.
Until the price action is broken out from the trend line, there is no action needed, just observing and studying the chart.
Note
The breakout caught the early bulls and they were excited for a week or so, only to see their profits turned into losses if they do not know how to exit their positions fast. Wanna know how to short ? PM me
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