I am having to shift the upper trend lines everyday. The index not only closed above 22400 as I had expected yesterday, it also closed above its 50% retracement level of its recent fall @ 22800. All signs are a 'go' for the index for further rally in the coming days but I am expecting a steep fall for a number of reasons. But purely on the technical front, the Stochastics is showing a mild divergence in its recent highs as compared to the charts. This fall could be swift, as should be the buying, following the sell-off, at a critical support level.
LONG, if the market opens and sustains above 22900 for a target of 23060 (critical resistance level). Beyond 23100 gates would be open for 23200-23500. In case of a gap-down, one can go long if the index takes support anywhere between 22400-22600.
SHORT, if the index slips below 22800 for targets of 22600-22500-22400 (critical support level). In case of a gap-up, short around 23050 if the index fails to breach, and sustain, above 23100 for targets of 22800-22600.
LONG, if the market opens and sustains above 22900 for a target of 23060 (critical resistance level). Beyond 23100 gates would be open for 23200-23500. In case of a gap-down, one can go long if the index takes support anywhere between 22400-22600.
SHORT, if the index slips below 22800 for targets of 22600-22500-22400 (critical support level). In case of a gap-up, short around 23050 if the index fails to breach, and sustain, above 23100 for targets of 22800-22600.