Today was a short squeeze in 1 hour with a range-bound for the rest of the day. The BN opened (31230) in our (31183-31260) and crossed above the zone in first min itself, which is technical buy and entered into monthly ( 31380-31480) and overshoot the zone (Day high 31505) and profit was booked in . As the 1st-hour momentum was high and the price was above the zone, we didn't initiate any short position (ideal short was below 31380 was breached).
What I said yesterday “I am on BN until we close above 31,260, technically the trend has changed below 31113. It opens the downsize target of 30761.”, As we have closed above 31260, the trend has changed to positive.
Trend reversal will happen only below 3113.
## Daily/Weekly/Monthly Resistance:- 31385-31505 / 31650-31750
## PIVOT:- 31,273-31,392
## Tomorrow Demand / Support:- 31113-31183
## Tomorrow Demand / Support :- 30654-30705
## Weekly Support:- 30654-30705
NOTE:- We are below 31113 and super below 30926.
There are two types of trades:- Range Trading and Breakout Trade.
1. Range Trade:- Buy/SELL in above or below Zone & GREEN Zones, SL is zone lower point, T 100 to 300 points/ .
2. Breakout Trade:- Once a /zone is broken, keep SL as lower / upper end of the zone for next zone as the target or target 100 -300 points.