DSEX Index moving as expected after breaking the daily and weekly Trend line. The way i see it Downtrend still not confirmed though some indication of further fall is surfacing.
I spotted a Divergence and weekly shooting star pattern. A bearish candle after shooting star indicating further fall though the pattern didn't meet every condition, However, The market does not move according to the book. It has its own way.
Another sign is a small double top pattern formation which is about to break its neckline. If in next trading index create another 10+ red bearish candle with relatively high TO than Market may enter in a strong Down Trend.
There is a role reversal support level at 4450 which is unlikely to hold but by the time index reach that level RSI would be below 14 so we might see some green candle and at the same time MACD is about to cross zero line from top indicating the trend is going bearish.
N.B. Technical analysis is a study of probability, it is not a rocket science. A Technical analyst can be wrong. Please be reasonable and trade as per what you see not what other people see.
I spotted a Divergence and weekly shooting star pattern. A bearish candle after shooting star indicating further fall though the pattern didn't meet every condition, However, The market does not move according to the book. It has its own way.
Another sign is a small double top pattern formation which is about to break its neckline. If in next trading index create another 10+ red bearish candle with relatively high TO than Market may enter in a strong Down Trend.
There is a role reversal support level at 4450 which is unlikely to hold but by the time index reach that level RSI would be below 14 so we might see some green candle and at the same time MACD is about to cross zero line from top indicating the trend is going bearish.
Daily
N.B. Technical analysis is a study of probability, it is not a rocket science. A Technical analyst can be wrong. Please be reasonable and trade as per what you see not what other people see.
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