Market continues to stay near breakout level and appears to have hard time in making a decisive breakout move. Lack of strong catalyst has paralyzed market to be in a directionless motion. What should we be prepared for? BPNYA remains below EMA(30) and currently in downtrend, while volatility ($VIX) remains in a small range stuck at the lower levels. Market is stuck between MA(50) & MA(200), and shall experience resistance to breakout without a meaningful reason. Path of least resistance might be on the downside! Weekly chart is not providing much of a direction, RSI is barely above 50 mark while MACD has moved to downside. NYUD has slipped below EMA(21) and if it drops below EMA(42) then it would be apparent that market will follow through to downside. RSI has dropped below 50 mark which is not a good sign. Based on current scenario, it appears that market might experience further downside, hence it is wise to remain cautious. Market is back into range, however as long as market remains above 10800 area, benefit of doubt goes to BULLs. Stay cautious and alert.
What does it mean for our Investments?
Market is directionless, better to remain alert... Comments are closed.
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