Corrective Bounce nearing to end. Bears can take control on Market.

Bounce from 11614 to today's high 12244 appears like corrective wave pattern and in finishing stage.
It appears that Triangle or Double correction pattern.
Resistance placed at 12270 spot. On breaking down 12195 spot we will get confirmation of down trend resume towards 12100-12065 initially.
Hence, keep booking in long positions. Fresh short sell positions can initiate with strict stoploss above 12280 spot levels.
Technical indicators signalling for sharp correction ahead.
Trade with strict stoploss.
Trading range can be huge today.
Suryadev Bandari
Research Analyst

Popular posts from this blog

Up move to continue. New Highs to form again.

Down trend to resume again. Do not fall in Bull Trap.

Exhaustion gap formed. Bulls strength eroded???.