PCR - 0.68; Option chain looks bullish. High resistance at 1800 of 29+ L OI. In Daily and weekly chart inverted H&S formation is observed. 20,50, 100 DEMA slope is upward. Structure is bullish.
Cons:-
Vol is below 20 DEMA for last 3 days. Relative strength has decreased. Last day a spinning top doji is formed near resistance. As it has reached the upper trend line, if unable to break it, it might retrace back to next support or consolidate near it to gain potential for upward move. No new long position to be build at present immediately. Your SL should be near last swing low.
If it crosses above 1804 and sustains short covering rally will be seen. Expecting it to retrace back to 1600 to normalize the up move. In long run it is bullish.
Trade with caution!!
*This chart is for educational purpose only.
Cons:-
Vol is below 20 DEMA for last 3 days. Relative strength has decreased. Last day a spinning top doji is formed near resistance. As it has reached the upper trend line, if unable to break it, it might retrace back to next support or consolidate near it to gain potential for upward move. No new long position to be build at present immediately. Your SL should be near last swing low.
If it crosses above 1804 and sustains short covering rally will be seen. Expecting it to retrace back to 1600 to normalize the up move. In long run it is bullish.
Trade with caution!!
*This chart is for educational purpose only.
Trade active:
On the move, trail your SL.