INR touched 48 today and this triggered a big buying on the IT stocks fueling a big move up.
Chart just says a trading range between 5033 and 4908 and somehow we seem to be shuttling between this 2 very violently. This is getting tough for day traders with stop loss getting hit both ways.Then again, moves are not always linear and we have to live with it.
We again have a dramatic U turn and this time, it appears as if the upper part of the range will be challenged. Till we get some reaction on RBI policy, we an never know which way we are going to end this week.
If we take a different perspective of this by using PNF chart with box size of 10...
5030 is a 3 touch resistance...
4910 is a 4 touch support...
who will give way is a million dollar question.
We again have a dramatic U turn and this time, it appears as if the upper part of the range will be challenged. Till we get some reaction on RBI policy, we an never know which way we are going to end this week.
If we take a different perspective of this by using PNF chart with box size of 10...
4910 is a 4 touch support...
who will give way is a million dollar question.
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