Quick update. Market at the cusp of the triangle today. Can go on upward to test 5600 today assuming we can sustain above 5540 area. 5600 is the higher end of the trading range - will it break out? A little bit of selloff is due for a reset soon because market participants are bullish now. However OI data is quite bullish and continues to suggest higher prices in the very short term.
More detailed analysis and charts over the weekend.
Best.
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2 comments:
hello lee,
Is their any kind of SL for your positional short call? I am asking b'cas i shorted first @5550 then @5600. please tell will it give any chance next week to make a narrow scape or will drag itself:(
Hi Sujeet,
I know I was leaning short for longer term - but I did mention on the last update above 5540 we can see a good rally. It did more than I expected so I stopped out on my shorts and took some long calls to close out the losses on the short.
Things are looking much more bullish now.
BUT there is likely to be some pullback today after maybe 1 hour of positive movement - Close your shorts when market pulls back - Maybe beginning of this week; maybe Monday itself.
More thoughts in my next post.
Lee
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