There is negative divergence developing in the daily ROC chart. A daily close below 4650 will confirm it. Moving into -ve area will accelerate the fall.
Hourly "OB" got adjusted with intra dips but the daily shows some chinks.. negative div in fast macd, 9 day Rsi..
Though it has been closing above 4657, follow up decisive action is elusive...a possible consolidation can bring it down upto 4550-4475 zone. Trend remains up.
A redrawn channel support comes around 4650-55.
Another high past 4730 might find selling pressure as per this EW. But confirmation of follow up action should be watched..as possibilities are many.I have just posted the most obvious one here.
2 comments:
I like your analysis Illango.
And I am quite tickled by Jesse Livermore on the right panel! Thanks for sharing your views.
Hi..Srinivasan Jayaraman,
Thank you. Yes, Jesse's point is worth remembering as he was shaken out of a huge position by the market.
I visited your blog. Your experience shows in your narrative.
Best regards.
ilango
Post a Comment