The market has been sideways for sometime now. After the Jul/2017 sell off there was a double bottom at 250. Last swing down retested this support and this time there is a bounce from 260. There is a kind of a faint up trend emerging. There is lot of time before a position can be taken. I want to see the behavior of market as price approach the green cloud and area marked in rectangle . At the moment OI says 5.3M/4.9M = down/up.
Hoping to see the reaction at cloud and if positive take a position to upside before the next swing starts. ETA is about 10 days before a position can be taken.
Hoping to see the reaction at cloud and if positive take a position to upside before the next swing starts. ETA is about 10 days before a position can be taken.
Trade active
Comment:
Sold some at 280 and holding rest with trailing stop.
a236z
Monthly is bullish (marked M), weekly is double top (marked W) and daily down. The red line marked D need to be broken for daily to trend upwards. There was a mistake in the green slanting lines drawn in the chart drawn above. Have corrected the same in the attached.
Basically this market will take longer time before a buy can be done. Will post updates as we move forward.