11536 is where i see a lot of chances of this pulling back, was hoping for 11950 but this looks like its loosing steam.
Still being cautious and looking for entries for swing positions which i feel will get better entries in a few weeks .
10900 is the key level to watch out for though a cross is forming on the daily so at least we pump a bit more get people excited before dipping below the 200 day on the weekly where the 10900 is .
Loose that and next logical place is 9600 where it should bounce along with the long term uptrend line being close.
As of now looking for this to cross 11350 and tag 11556 where this might just take the elevator down in my opinion .
lets see what happens this week . Expecting in a few weeks for the Bear's to step up do not know what the catalyst pr "news" is going to be ..
IF this scenario does play out , be ready with your bids for your favorite stocks, cause it should wick back up pretty quick.
How can you say 9600 I didn't understand please can you explain it more. Thanks
CompoundingGain
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@ckirandeep287, Assuming when a sell off happens it drops like a brick and breaks our uptrend from March. previous month high of 10530 has to be protected ! This scenario comes into play of we loose that level with panic selling leading to a quick wick down .
Am still bullish short term mid term bearish long term bullish , $9600 is the closest support above the long term downtrend line since October 2008 hence assuming that's where the big orders would be .
We dipped below this briefly in March 2020 but reclaimed it straight away .
Most of the Corona benefits set to expire end August onward so am wary that might have a butterfly effect and cause some FUD .
Last 5 months anyone could have made money in the markets just being cautious not to give back gains , mostly intra day trades for now till 11550 is flipped for me .
Hope that helps K:)
Kirandeepc
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@CompoundingGain, Thanks compounding for valuable tip and information.