The resistance zone of 6020 again got cleared off with a gap up. Friday nervous sell helped fill the gap.
Weekly Analysis:
Daily Analysis:
Summary:
Weekly Up. Daily Down. Market has passed through a couple of critical resistance lines. It's pulling back those moves now. Already supported the friday fall at Fib62 @ 5935 level. Until 5800 is breached it's expected to stay supported with resistance at BrRL @ 6085 level.
On a closing chart, if next week closes above 6032, we should expect a new uptrend has resumed.
Dear Rajib,
ReplyDeleteTo rich VPO 6460 , what is ultimate SL for long side to continue it's uptrend?
Regards,
Pinakin
@pinakin,
ReplyDeleteIn P&F, you'll ignore the characteristics of a trade until a new signal has been generated. So that remains quite dynamic & depends on future development of price. It's never good to keep either keep a very far target or a very far stop-loss. In future market with leverage, it's difficult to manage. Most importantly you should pay attention to new development at price levels at important decision points.
Having said that purely on education ground, it should stay intact till F62 @ 5500 level, where the last gap also remains.
Regards,
Rajib