We all know financial markets never move in straight line so did this complex Y-wave as well.
Zone of 190-200 has been rejected thrice on earlier occasions & this time could combine with channel top resistance & finally this complete move again looks very choppy & puzzled from the lows of 109.35
So, the time has come that traders should be careful in the 190-200 zone & as I always repeat, do not jump in the trade -closing your eyes- let market show us the way- where it wants to head, then nail it as early as we start getting some clues- yes that is the zone I want to sell.
Stops are not clear in present stage, but we will take one step at a time, let BOB bang the ceiling first in 190-200 & we get the feeling
You would also love to read my earlier analysis
Melting Below 177-178- will trump support
Look for retracement from 162 Highs
Bank Baroda 2016 Diary
Happy that it enters the zone as discussed yesterday
Once it bounces close to day high in the zone 190-191 & fails to take out 191.70 which is high for the day & later falls below 187 then we will put stops above recent high which is below 191.70 & look to sell.
Started giving feelers that it is looking down so get in if you get the bounce or looks 192 could be the top.
Got the bounce to day's high between 190-191 which is very close to yesterday's email@example.com
Risk Takers can sell at current price @190 if they can afford to lose 2 points with stops above 192.
Safe traders can trade -once it starts moving below 187.50-186.50 & sustains below that zone, then one can sell with stops above 192.
Awesome we got in the trade -Right at the top@190-191 zone - Yesterday's High @191.70
So we practically lose nothing - zero risk- an awesome it will turn out if falls below 183-180 zone.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ