Yesterday, I had posted regarding the IVHS pattern of Nifty. Today, market had a big breakaway gap up opening followed by upmove to a strong resistance of 17600. Yesterday, the market had given a bearish closing and looks like this was a short covering which was triggered by strong Rupee vs USD.
Today's closing above 17600 would be either a bull trap or a signal for bullish move upto 17775. Monday market would be exciting and I would like to wait and watch rather than having an open position.
This is my personal opinion and kindly trade as per your own analysis.
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Market closing below 17600 Is it a retracement or signal of a bear trap?
Trade closed: target reached
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Gap up opening and touched 17775. Be very cautious here!
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The gap up bullish move was such a huge bull trap. The reason I had said to be cautious was 17800 was a strong resistance and it was looking like a retest of breakdown.