Market came close to a breakout, however could not sustain it and is back into the range. BUT where is this market headed? What can we expect in weeks ahead!!! BPNYA crossed EMA(30) triggering SELL signal. Also volatility ($VIX) is rising steadily which is dragging the market. NYSE daily chart is giving us subtle clues. During the fake breakout stage, volume never showed up. Market is currently below MA(50) as well as MA(200) and could potentially drop further towards 10500 area. RSI is still not in oversold territory hence a further drop is very much possible. Weekly NYSE chart suggests that the resistance near 11000 area is strong and even after fourth try, it was not successful in breakout. RSI has dropped below 50 mark suggesting caution. NYUD crossed EMA(21) suggesting caution, also RSI has dropped below 50 mark. Charts are suggesting that market can slide further hence its prudent to remain cautious or on side lines. As long as, market remains above 10400 area, 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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