This is my journal for 19/4/23.
Back after a week of vacays to home town
markets have given 2nd consecutive day of negative closure after rally for about 10 days.
17585 is a key level as per fib on daily charts (also 200 MA levels) and market have taken support from the level. It has also formed a insider candle on 18/3/23.
if markets break below 17585 and sustains we could see levels of 17525/17500/475.
upside levels to watch out will be 17700/17770
17800-850 will remain significant resistance levels above which we could see markets reach for 18000/18100.
however as insider candle is formed, a sidewise consolidation can be expected.
expectation for 19/3 is a flatish opening, with range bound market between 17500/17750/770.
enter long trade if able to get reversal signals at 17600 with sl at 17580 for targets of 17650/700/750
if break down below 17585 enter short side trade with sl at 17600 for targets of 17525/17500.
Back after a week of vacays to home town
markets have given 2nd consecutive day of negative closure after rally for about 10 days.
17585 is a key level as per fib on daily charts (also 200 MA levels) and market have taken support from the level. It has also formed a insider candle on 18/3/23.
if markets break below 17585 and sustains we could see levels of 17525/17500/475.
upside levels to watch out will be 17700/17770
17800-850 will remain significant resistance levels above which we could see markets reach for 18000/18100.
however as insider candle is formed, a sidewise consolidation can be expected.
expectation for 19/3 is a flatish opening, with range bound market between 17500/17750/770.
enter long trade if able to get reversal signals at 17600 with sl at 17580 for targets of 17650/700/750
if break down below 17585 enter short side trade with sl at 17600 for targets of 17525/17500.