It’s been a few slow weeks for me as well as the markets. I have not been doing much on the investment front recently and really it’s a difficult market to invest.
Trading is another story.
1130 is the resistance that the bulls just could not get across but sentiments recently have been rather lukewarm. The number of bulls are being turned by this lethargic markets.
Recent sell downs have been rather drastic. Volume is higher on selldowns then uptrends. Breadth indicates market is short term oversold.
3 Forward Ways:
- Range bound trading within 1130 and 1040.
- Market is so weak that i t fails the EMAs congested just above.
- The reverse head and shoulders herald a continuation of upward climb.
All very likely scenarios and the thing is to make decisions, take actions and then react based on your plan.