Bulls were a little busy taking profit at the resistance of Pitchfork. They are not exhausted. On the intraday basis bears increased their position a bit at 11500 Call strike. Bulls are holding firm their fort at 11000 Puts and in fact made significant increment in fortifying this level. Overbought TA. We may see some healthy correction or consolidation in coming days which will settle the indicators and MAs. Today price came close to 5 DMA. If 5 DMA is breached bears will try to get upper hand and price may go upto 15 DMA on short-term. It is observed that if price of NIFTY (this may not apply to stocks) goes far away from 15 DMA, it tries to return towards it and this 15 DMA is close to recent breakout level. So if this happens, it will be a pullback. Major trend remains intact.
Crude may correct towards 200 DMA.
Crude may correct towards 200 DMA.
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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.