Disclaimer: The lines are drawn as estimate...use calculators online to get exact
Let's go one by one:
Two week CPR (Central Range) relationship :
Green shows previous week's CPR and Blue show's this week's CPR . As you can clearly see, the two CPR's relationship is clearly , as this week's CPR is
way above previous week's CPR .
This week's CPR is quite wide so markets will consolidate before moving up..most probably.
To trade sideways market, i have drawn (PINK) H1,H2,L1,L2 as the index will probably trade within these .
RED shows the R1 of the week.
1.) If index goes beyond R1 and uses it as support, it will have strong movement.
2.) If index gets rejected at R1, it's probably going to CPR and bounce back. Since two week relationship is extremely , every time CPR is touched, it will be great opportunity to go long.
3.) If index goes below 27372, there will be a huge selling pressure and will test the supports at bottom. But since two week relationship is extremely , it is very unlikely.
Constructive criticism appreciated.
See you next week.
It may touch around 28070 till next Thursday..