Market managed to stage an impressive rally from mid February and has overcome many resistance areas. Should we get in now or wait for a pullback? Let's see if charts are providing any clues... BPNYA is close to 70 mark suggesting time to get conservative as typically market tends to go sideways or pullback, however Volatility ($VIX) has stayed at low levels. Watch out key information in below chart:
Weekly chart shows that market is hitting against resistance near 10500 area but RSI has managed to get above 50 mark. NYUD is well above EMA(21) while RSI is above 50 mark, both suggesting that volume is supporting current market move. Charts are telling us that market has probably turned around and shall undergo a pullback or sideways move. The magnitude of this pullback will determine if this market will start the next BULL run making NEW HIGHS or remain range bound. hence it would be wise to wait for a pullback for now.
What does it mean for our Investments?
Market bounce hitting resistance stay alert... Comments are closed.
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