Last week we mentioned that we are not out of the woods. Now, we have the proof as market could not hold above MA(50) area and trying to find support desperately. What shall we expect next! Although BPNYA above EMA(30), volatility ($VIX) is rising steadily and is back above 20 mark. MA(50) could not offer any support and market sliced through it as we can see from below chart. Next support is near 9600 area but expect some range bound action here before next decisive move. RSI is not yet in oversold territory but MACD has crossed over. Weekly chart is suggesting that market may visit 9600 area as RSI continues to remain below 50 mark. NYUD did gave us subtle clue when it did not cross EMA(21) along with RSI which continued to remain below 50 mark. Considering current market scenario further downside is highly probable, however in short term market can remain range bound for a while.
What does it mean for our Investments?
Market correction back on track... Comments are closed.
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