Dotted Pink Line - H1,H2
Dotted Brown Line - L1,L2
Red Line - R1,R2(Standard Floor )
Green Line - S1,S2
Pink line - H3,H4,H5
Brown line - L3,L4,L5
CPR width same as previous day, so inconclusive whether it will be trending or sideways bracket.
CPR of 14 is way above that of 13 Mar -> Indication:
Index is likely to touch H3 or R1 once.
CPR overlaps with L1,L2 and L3->STRONG SUPPORT.
1.)Buy dips at CPR is it's not breached.Most likely it will touch H3 or R1 once or twice.
2.)Sideways market can be traded using H2/H1 To short and L1/L2 to go long. I would suggest SHORTING H1/H2 with caution,as index is more likely to go up.
3.)If H4 breached, H5 will be reached most likely.
4.)If CPR is breached, most likely L5 will be reached as CPR is a strong support.
Any one holding short at CPR would have been betting against the market.
Also, you can see, since it was sideways market, Index traded between H2 & L2