As discussed yesterday, a clear range bound market was present. Being expiry, option selling (strangle) was the best way forward.
24600-24400 was the narrow range in which the market moved. It broke the channel during the end of the day but later retrieved back to the channel. Ending the day inside of the channel is a clear indication of buying pressure at 24400;24200 levels.
Global Cues - Dow broke the support channel (28100-28000) but later bounced back within it.
E100 is an index I personally follow at 12:30 pm, for global trends in the second half of our session. E100 has performed really poorly with the rise in covid cases and Brexit news since it's March lows.
Scenario's for tomorrow - The range has to be broken on either side with volumes. Trading within the range can be highly risky with constant choppy moves with any tight stoploss being easily hit.
For Gap Up - 24600 is a key level, A sober target of 24700-800 can be aimed for.
For Flat - In range
For Gap Down - 24400 will be the key level, if opening is below that, aggressive selling can be initiated only after 24200-100 is taken out.
Similar to today, trading with lesser quantities will be an informed decision as the market's might consolidate with this bigger range of 24800-24200.
Happy Trading!
24600-24400 was the narrow range in which the market moved. It broke the channel during the end of the day but later retrieved back to the channel. Ending the day inside of the channel is a clear indication of buying pressure at 24400;24200 levels.
Global Cues - Dow broke the support channel (28100-28000) but later bounced back within it.
E100 is an index I personally follow at 12:30 pm, for global trends in the second half of our session. E100 has performed really poorly with the rise in covid cases and Brexit news since it's March lows.
Scenario's for tomorrow - The range has to be broken on either side with volumes. Trading within the range can be highly risky with constant choppy moves with any tight stoploss being easily hit.
For Gap Up - 24600 is a key level, A sober target of 24700-800 can be aimed for.
For Flat - In range
For Gap Down - 24400 will be the key level, if opening is below that, aggressive selling can be initiated only after 24200-100 is taken out.
Similar to today, trading with lesser quantities will be an informed decision as the market's might consolidate with this bigger range of 24800-24200.
Happy Trading!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.