Long

The game is ON!!

By Trendoscope

Updated

Negatives

Broken trendline
Unhealthy trend over past two years
Bearish sentiment over increase in interest rate

Positives

Just above a critical support area
In potential reversal zone
Too much bearish sentiment and possible exhaustion

Probabilities

If drops below 15000, can slip another 1k
close above 15350 either today or tomorrow might lead to quick recovery

Note

Good recovery by the end of session. Also supported by good volume. Rejection is evident. 17500 here we come!!

Note

16400-16450 seems to have lots of rejections on hourly. I believe it’s free run till then.

Note

May dip a bit today as there is fed announcement on economic outlook today and CPI data release tomorrow.

Note

Same support levels. Can we hold the line?

Note

Major trendlines broken and bullish patterns hit stop. Though futures are up, feeling bit bearish till we recover back to 15700 again.

If cannot break the resistance, we are soon going to see 14500 or 14000.

Too much support beyond 14k, hence, do not see going further down.

Note

Some good support at 14500 levels.

Hope this holds.

Note

We are at 14k sooner than we expected. One last chance for recovery.

Note

Since, 14k held well, next step is to look for recovery upto 15k.

Price may range between 14k to 15k for a while!!

Note

Under resistance in hourly. May have short retrace before resuming upward movement again.

Note

Trend is up. But, need to retest 15k.

Trendoscope

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