Market bounce effort stalled and currently market is experiencing wild swings and trying to establish a support level. BUT how long will this continue? Where is this market headed? What should we expect next! BPNYA well below EMA(30) while Volatility ($VIX) continue to remain elevated. Both suggesting further market turmoil for sometime. Bounce attempt could not be sustained and market is experiencing wild swings in either directions, however this will go on for few weeks which is necessary to establish a support level. Market may test the lower end and might even go little further down to shake-out many investors before laughing a meaning full rally. Weekly chart is suggesting that market may test the next support area near 9500 and remain in range bound action for a while. It might break the 9500 area marginally before staging the next rally. RSI is in oversold territory and can remain like that for a while. NYUD is way below EMA(21) while EMA(21) has crossed EMA(42) which is not a good sign. Based on above charts we can infer below actions in coming weeks/months:
What does it mean for our Investments?
Market in correction, it would be wise and to stay on the side... Comments are closed.
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