Market staged an impressive V-shape rally in last two weeks and currently approaching recent HIGHs, however can it sustain this rally for next two months!!! What can we expect in near term? BPNYA crossed EMA(30) triggering BUY signal last week, also volatility ($VIX) is back to low levels as market is gaining traction on upside. Chart below shows that NYSE managed to get above MA(50) and MA(200) which could have acted as resistance on the way up. Now the same lines can act as support on the way down in future. Weekly chart is NOT yet bullish but getting there. RSI is above 50 mark, however MACD is trending lower and is yet to cross red line. NYUD is back above EMA(21) as well as RSI is back above 50 mark, which suggest bullish action. Now NYUD needs to make a higher high above previous HIGHs for this rally to be a trend continuation. Based on charts, last week was our low risk entry back into markets. Historically, month of November and December are good for markets with positive gains. As long as, NYUD remains above EMA(21) along with RSI above 50 mark, no reason to worry for now.
What does it mean for our Investments?
Market back in bullish territory for now...
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