On the above chart, the bulls are trying to make a third attempt to crack 3180 on a closing basis while on the other side bears have failed their third attempt to crack the lower side below 2500, on closing basis.
We see that the RSI has crossed above 60, for the first time, in this bear market. This indicates the market is in the grip of bulls and they are trying to crack the band of 2500-3200. Technically, a third or fourth attempt makes bulls or bears weak to hold on to a specific zone. Market has move from 2500 to the 3100 zone without any correction, hence a correction is due.
0 Comments:
Post a Comment