The action this morning is between 4987 and 5020 levels we have discussed often from early this week.
The gap down open has come in contrast to the close yesterday, quite simply because it is outside of range and value.
This points to the presence of inter-mediate term selling activity which does not give me confidence that 4987 will be held.So Viren’s level of 4882 will play out.
I’ll keep you posted.
Update at 11.00 am.
The high low so far is 5019-4988 within one point each of our pivots at 4987 and 5020.
I’m on the sidelines waiting for a resolution.
Though my bias is slightly to the short side I will not hesitate to buy above 5022 for 5044 and 5067.
Update at 12.10.
Though 4987 has been breached, I have not put out a short alert.
Not confident with the volume action here.
Let the market prove itself .
Vindicated. 5012 now.
But the market will have to do a lot more than these 25 points to give me confidence.
Long at 4987. SL 4974. target 5020-5044.
High Risk. Intra.
Still high risk. Bringing Sl to cost.
Will be comfy above 5022.
Out of position at 5008
Waited all morning for this move. Missed it.
4955 will be the first port of call.
New positional shorts initiated between 4955 and 4965. Will add on bounces.
Intra shorts can book out here around 4925-32 partially.
Viren’s pivot level mentioned in the post above is 4887 not 4882.We may get there today.
4905 low of day so far. 4887 is what we want. 18 points away now.
Seemed distant in the morning. Not now.
4901 is the low of the day and 14 points away Viren’s 4887.
I closed some shorts at 4910 and will look to re-initiate them at higher levels.
Hope you all had a good trading day.