#CNXIT
#CNXIT
Whenever market becomes expensive, they tend to move away from #gravity line. During 2021/22 top when IT was leading, index was very far away from gravity line and during Q2 & Q3 - there was heavy distribution followed by the jerk in Q4 results with breakaway gap, which made the stocks & index to go into major consolidation period of almost 1.5 years between 2022 to 2023.
If history has to repeat, the rally in IT index which started from 32K levels since 45K-46K levels can be atleast used to lock partial gains and wait for any further bigger panic. What if, this structure again gets converted into H&S pattern, just like it did in 2022
Whenever market becomes expensive, they tend to move away from #gravity line. During 2021/22 top when IT was leading, index was very far away from gravity line and during Q2 & Q3 - there was heavy distribution followed by the jerk in Q4 results with breakaway gap, which made the stocks & index to go into major consolidation period of almost 1.5 years between 2022 to 2023.
If history has to repeat, the rally in IT index which started from 32K levels since 45K-46K levels can be atleast used to lock partial gains and wait for any further bigger panic. What if, this structure again gets converted into H&S pattern, just like it did in 2022
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.