It will test the support within a week and trend direction will be decided by the volume and movement when it reaches support.
gregferns
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Hi,
If i presume that it will bounce upwards then i am seeing (for example) an initial target of around 270.
Then SINCE THIS IS A WEEKLY CHART, what approx time does it take for targets to be reached etc ??
Like would it be ok to think (provided it goes upside) roughly 2 weeks to a month is what it might take for target to be reached ??
hemanthkumar00907
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@gregferns, I think now it breaks the imp support, So wait for the back testing, Once it was back tested and confirm with candelstick as shooting then you will go for Put options....
gregferns
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@hemanthkumar00907, thanks...
It formed a doji although there was very high volume... so indecision..... need to wait and see where next candle goes
hemanthkumar00907
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@gregferns, Yeah if doji forms...actual rule is to wait for next candle...once it breaks the doji's height...we need to follow that trend....