Assuming I am right and the tech sell off in US stocks are not over yet ,then we can expect more selling ahead. The price action is likely to revisit the support level at 10,325 level.
From there, I expect a nice breakout from this nice descending wedge pattern which is a bullish rally back to the 15209 level , which caused the breakdown in March this year.
Important point to note - watch out for the breakout and bullish candle patterns to go Long on this index or accumulate those fundamentally strong tech firms.
From there, I expect a nice breakout from this nice descending wedge pattern which is a bullish rally back to the 15209 level , which caused the breakdown in March this year.
Important point to note - watch out for the breakout and bullish candle patterns to go Long on this index or accumulate those fundamentally strong tech firms.
Comment:
It has broken out of the channel and I will be nibbling some tonight. Please note that just because it breaks out, there is still a possibility of it retracing and price action returns back to the channel and hit below 11,000 price level.......
Comment:
next week, I will go LONG on this and believe it will rally upwards towards my target price.