Market came very close to a breakout, however could not sustain it. Now it is back into the range, so what can we expect in near term? Where is this market headed!!! BPNYA is above EMA(30), however appears to be stalled. Volatility ($VIX) is low but appears to be rising slowly, which has dragged the market down. Daily chart shows the fake breakout, note how volume never showed up during the brief breakout. Weekly chart gives us a better picture, possible multiple top pattern and resistance appears to be strengthening near 11000 area. Watch RSI, which is barely above 50 mark. NYUD could not hold its NEW HIGH which is NOT a good sign, RSI is barely hanging above 50 mark. Charts are telling us that the breakout could NOT be sustained without good volume and most likely market will continue to remain in a range bound action. As long as market remains above 10400 area, the benefit of doubt goes to BULLs.
What does it mean for our Investments?
Market back into range, warrants caution... Comments are closed.
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