This is the chart which interests me the most.
Recently we have seen the rally in the wall street. The last Friday selling depict a different picture. The rise from 9565 to 10420 come to a halt. Technically the overall picture is still on the bear side. We will see a further selling as the index does not able to hold the key 55 day SMA. in the last hour the price find a support at 21 day SMA.The index is seem to retrace by 50% up to 10000 level. So my instance is to remain short up to 10,000. The support at this level will make us to re-decide whether to close our short or not.
Further the 9800 level break will give confirm our stance stance that the bears are in hold overall picture is to net short rather than net long.
The break of 10600 level will make us confirm a further rally to 11700.
So right now all the bears folks seems to be in control. But the key levels are very important for bulls i.e. 10000 and 9800. Lets see who will win the race.
The following are the trading strategies.
| Strategy 1 (Remain Short ) | |
| Entry Level | 10,150 |
| First Profit Target (50%) | 10,000 |
| Second profit target | 9,800 |
| First stop / loss limit | 10,275 |
| Strategy 2 (Wait to retrace for long position) | |
| Entry Level | 10,000 |
| First Profit Target (50%) | 10,450 |
| Second profit target | 10,600 |
| First stop / loss limit | 9,800 |
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