Missed out on the post analyzing today's market.
The market was getting into a really narrow range and hence the breakdown resulted in a good fall.
Now for tomorrow,
Global Cues -
The global markets are showing a push towards the downside with the Dow constantly trading under the channel of 28100-28000
The E100 is also in a tough zone and trying to retest it's lows of 2550-70
Analysis based on different time frames -
1 hr :-
A close above 24000 tells us about the psychological level that is present.
A clear "M" pattern can be made, rejection from the top levels and the close at a critical point.
15 min :-
24350-90 can act as an intermediate resistance
Scenario's for tomorrow -
For a Gap Up Opening - 24350-90 will be important levels to act on. A breakout or breakdown of these can be traded.
Flat Opening - Waiting for yesterday's low to be taken
Gap Down - Selling pressure can resume if 23780 is broken
Since the larger time frame and the smaller time frame are showing different patterns will recommend to be patient before entering any trade.
Happy Trading!
The market was getting into a really narrow range and hence the breakdown resulted in a good fall.
Now for tomorrow,
Global Cues -
The global markets are showing a push towards the downside with the Dow constantly trading under the channel of 28100-28000
The E100 is also in a tough zone and trying to retest it's lows of 2550-70
Analysis based on different time frames -
1 hr :-
A close above 24000 tells us about the psychological level that is present.
A clear "M" pattern can be made, rejection from the top levels and the close at a critical point.
15 min :-
24350-90 can act as an intermediate resistance
Scenario's for tomorrow -
For a Gap Up Opening - 24350-90 will be important levels to act on. A breakout or breakdown of these can be traded.
Flat Opening - Waiting for yesterday's low to be taken
Gap Down - Selling pressure can resume if 23780 is broken
Since the larger time frame and the smaller time frame are showing different patterns will recommend to be patient before entering any trade.
Happy Trading!