The region between 5880 and 5940 as well as the probe to 5971 marked a bracket of last week. On friday the responsive seller completely rejected this value and we saw a move lower to the balanced profile and the region of 5860 as expected.
This morning we are seeing a continuation of Friday's auction with price probing to a new level of 5801 currently.
The possible targets are the single prints from 30/ 3 or the POC from 29/ 3 near 5970 levels.
It will be important to see buyer behavior at these levels. A further down move can bring 5730 which will mark the end of the up auction and one time frame behavior seen from 5300 levels. Also I have marked a dividing line between 5855-5865 for new shorts entered today. However a push to new highs for the swing trader will begin only above the top bracket or above 5911 levels.This can take the market back up to 6031 levels and beyond.
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4 comments:
Hi shai,
Great chart as usual. very clean and good explanation.
I have noticed that you do not use averages and oscillators on these charts. Wouldn't you be able to time your decision better if you had a rsi and macd at the bottom of these charts.
@ aayushman,
I get a good read on market behavior through the profile charts.
Sometimes when you follow too many indicators, you tend to paralyze the thought process, as all of them are right, though not at the same time thus affecting decision making.
At the end of the day, it is only price and volume which move all the indicators.
KISS.
new post.
Glad to see this information.its very interesting.I would like to hear more information from your side.
Regards:
options Trading
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