DSEX showing corrective move after a heavy bull run for almost 3 months. The Index reached high of 5739 riding on Bank Sector.
After an Engulfing a bearish close indicated reversal and next few days movement confirms that. Last 2 days index gained some point but Vol and TO declining gradually on that up move signalling a bull trap. There is an old role reversal support level at 5368 but it doesn't seem interesting enough, however, Traders need to watch Index movement at that area carefully. After that 5200 area has a support level. As per current picture, a heavy move is expected on the downside within next 2 days. (i will be happy if I am wrong about it)
Daily
Weekly
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.
After an Engulfing a bearish close indicated reversal and next few days movement confirms that. Last 2 days index gained some point but Vol and TO declining gradually on that up move signalling a bull trap. There is an old role reversal support level at 5368 but it doesn't seem interesting enough, however, Traders need to watch Index movement at that area carefully. After that 5200 area has a support level. As per current picture, a heavy move is expected on the downside within next 2 days. (i will be happy if I am wrong about it)
Daily
Weekly
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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