Market bottomed out at 415, price retested that area again however buyers were keen to step in from 423. From a multi month pivot perspective from 8/Mar onwards there was a range extension to the upside. It is shown as a rectangle in the chart. Market rallied up and broke the LH/LL sequence in weekly.
Market tried to retest 498 from the recent highs however recent price action confirms that bulls are showing interest at 528 to take the market up. If price breaks 562 then further upside is a possibility.
So there are two options now -
1. Take an entry today with stop at 528. A slanting line as shown in purple can be used as a guide. If it gets breached I want to stay out of this market. Because if the upper part of the green box gets rejected or gives a failed break out then price can retest red box.
2. Take an entry after green box gets breached to the upside and market shows strength above it.
Thanks @JustmartTrades for the heads up. Note- I don't trade stocks.
Market tried to retest 498 from the recent highs however recent price action confirms that bulls are showing interest at 528 to take the market up. If price breaks 562 then further upside is a possibility.
So there are two options now -
1. Take an entry today with stop at 528. A slanting line as shown in purple can be used as a guide. If it gets breached I want to stay out of this market. Because if the upper part of the green box gets rejected or gives a failed break out then price can retest red box.
2. Take an entry after green box gets breached to the upside and market shows strength above it.
Thanks @JustmartTrades for the heads up. Note- I don't trade stocks.
Trade active
Trade closed manually:
Don't like the movement below purple line
a236z