What I said last week was that the setup was ready for a good move on the downside. I was expecting support around 17200 level. The market though opened far lower and the anticipated down move was already done on Monday itself.
Now the following is my analysis for coming week based on what I am looking at
Since the first week of April, this has been a sell-on-rise market. There has not been any structure change at higher timeframes. The trend therefore remains bearish. However, the market is taking its own sweet time in this bearish phase. There have been a lot of consolidation phases also. I am clueless whether the market will rush this week to meet its target of 16200 (definitely unlikely this week, this may happen next week) or go slowly. Nonetheless, I remain bearish
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
|Scenario||Anticipated Price Action|
|Consolidation||Between 17300 and 16700|
|Downtrend||If breach below 16700; to drop somewhere till 16200|
|Uptrend||If breach above 17300; to rise somewhere till 17700|
I wonder if Musk will buy TradingView also so that he can influence stock price of Twitter.
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