Here is the updated version of the chart I posted at 11.00 am this morning.
In an earlier post I had mentioned that buyers would step in to defend the levels around 4954-4967.
Notice the rotation taking place here. The Low so far is 4958.
The afternoon action has been fast and furious, but we were prepared from morning for this move to come in the afternoon session. Though I will be honest to admit that I personally didn’t capitalise on it as much as expected.
Looking ahead, Buyers need to hold 4954 levels. Also there is a good opportunity of getting up to short the market again at 4990-5004 levels if we get there again.
Let price and volume dictate that.
Some more levels on the downside are 4883 and 4848.