Structural top formation underway. Next support is at around 4450. If we reach there fast enough and the 50 day SMA is still near current levels (~4400), we will mostly likely see a test of that as well.
If we consolidate sideways for a few days at around 4450, the 50 day SMA will have time to catch up.
Either way, bias is on the short side. Will need confirmation before we can say that the party is back on.
If we consolidate sideways for a few days at around 4450, the 50 day SMA will have time to catch up.
Either way, bias is on the short side. Will need confirmation before we can say that the party is back on.
Trade closed: target reached:
Done and dusted. Will wait for further cues before taking fresh positions.