1. The price was moving in a bearish market structure until it broke out of the structure on 8 November. 2. It formed a higher high and came back to the demand zone/bullish order block on 11 November. From there, it gave a rally of about 400 points and formed a higher high. 3. The price has been facing continuous selling pressure from this point and has swept below the last 2 lows. This move must have resulted in the liquidation of previous longs providing cheap buys for the institutions. 4. From here on, I am only interested in 2 paths. Either the price rallies back up and break above the previous high. Or we sweep below the last remaining low @17613 (to liquidate the remaining longs) and then move back up. 5. This idea is valid until we decisively close below 17613.
Disclaimer: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.
Rajat Kumar Singh (@johntradingwick) NSE Certified Technical & Fundamental Analyst
Let's see, what happens on monday, closing below 17610 may lead to a bearish movement till at least 17430, The most important level to watch now is 17610