GM everybody.
After a break of two days i am back. For last three weeks i am getting stooped on SnP500 due to indecisive price action and that too on both sides. The price to befriend the trend, i guess.
The downward channel with resistance on 2120 remains intact as of now. Intraday recoveries are creating long wicks on daily candles and it refuses to close below 2100. Tight situation it is.
Why is it that whenever i buy the rumor, the news never favors me and when i m out of action, it shows the ideal classroom teaching material type price action and response.
Anyway, like SnP i see indecision here as well though not getting spanked at least here in indecision. If yesterdays price action has a followup, which in my opinion it would, than upper range is probably defined for now. Banks being a victim of selloff may show some price recovery but charts are under pressure everywhere.
For a possible post event recovery and to dip in the initial pricing, it seems to be my favorite with risk levels clearly defined and quite close, however wouldn't be for longer term.
Considering the history of this counter and its negative correlation with general stock market weakness, due to dependence on INR, and further due to the fact of recovery shown on charts and a cutback to breakout levels.
Quite tempting. However from the top, when panic sets in, all charts and hypothesis are well worth throwing in Bin. Momentum overrides every other logic then. Lets see.
