Currently, the price action failed to cross above the initial resistance level of 6650-6670 (indicating continuation of prevailing down trend) and came back down to test the previous strong and crucial support. Now, if the price action got further weaker then it may break the crucial support range and goes further down to 6000 levels. It shall be the continuation of the prevailing down trend as previous trend is forming Lower Highs and Lower Lows. Keep a watch on closing of the price action and if it goes below support, be prepared to short it. Target: 6000 Stoploss: 6650 Risk Reward: (1:4)
Trade active
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100 points down in 15 mins
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It did close below the crucial support zone, indicating further weakness in the next week.
@MCM99, Yes, totally on time, now it looks like next week will further exciting. All the best
MCM99
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very good analysis, got into the trade
NeeteshJain
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@MCM99, it is a good trade setup, stay in, sit tight. All the best.
Algoscript
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hi, how can you guys short on swing strategy ? i spoke to my brokers they said its not allowed.i can short only on intraday . suggestion will be highly appreciated .