After a nice rally in last 2 months, market ran into overhead resistance. Does it have enough fuel to keep marching higher or Is this rally done and market is headed lower? Let's check if charts are providing any clues...
As mentioned in last weeks blog post, we got our anticipated bounce but does it mean market has bottomed!!! Charts are our friend and as always provide meaningful insights so let's hear what they have to say....
After being range bound for several months, market broke the support at 15600 briefly in June and managed to reclaim it by end of the month. But can it hold it going forward or we are doomed!!! Lets understand if charts are providing any clues...
Market is churning in a range for several months and not providing any significant direction yet! Macro economic conditions such as higher commodity prices causing inflationary pressures & war uncertainties are not good for market. So what shall we expect in coming weeks or months!!!
As mentioned last time, market continues to remain under pressure. So when shall we expect change of behavior? Let's take a look charts to find any clues...
|
About Us:Just like all of you, hard working and trying to make a better living. |