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#ES_F Day Trading Prep Week 11.10 - 11.15.24Last Week : Last week market opened under 5792 - 72 Edge which meant weakness to start the week and gave us moves towards lower VAH but again we kept getting buying at and under Previous Distribution Balance low and inside Value. We knew to be careful and that holding over 730s meant there is no need for larger supply to sell out. 724 was also an important area on Daily TF as it was the bottom of Daily Edge which we broke out of after our roll gap in September, we tested it but there was no break or any continuation under it. We knew if market gets back over 790s that could bring back strength to push back in Previous Value which is what we got on Tuesday leading into Election Results. Election Globex gave a huge move which continued higher towards 930s - 770s ranges Edge, took it out, consolidated and rest of the week we got lower volume grind higher into a new range to finish the week with a failure over new Value. This Week : Not easy to trade ATHs especially if we get them every few weeks or months and of course this move could be viewed as strength to bring in more buying that can keep us in this range or even continue grinding higher BUT something to keep in mind as few things are lining up here. We have made an Edge to Edge push on Daily TF ( reaching big Edge areas more often than not provides reaction in opposite direction ) , we have extended away from Daily MAs with a strong impulse that gave us blow off the top sort of move over our Previous Highs consolidation, we have finished the week with a failed or sort of failed push over VAH since we didn't fully come back in and held over 920s , we didn't reach new ranges top. Now all this doesn't mean we can't hold and continue balancing/grinding higher towards that Edge top and over still BUT if all this buying over 930s was from all the late buyers/traders who sat on their hands during the election days, came in saw areas holding and were buying for continuation to make money off momentum then they were also probably unloading as it went higher and might not have plans to hold this up long term unless market continues in their favor. If market does not continue in their favor and we get back under VAH / 620s then we could see this thing start moving towards their cost basis, we have Poor Globex low holding one of them up around the Mean of the Range, if that gets taken we will look for continuation towards VAL which has another cost basis and a base below it which could give us covering/holds in that area BUT I would not trust those areas for a longer term position, if market cant keep holding over the Mean/VAL of this range then we could see it come all the way back into lower Edge and maybe even under our Previous Highs to signal a failed new ATH break out. Will this all happen in a week or will it be a slow process is for us to find out, we don't really have market moving data to start the week and if we don't get new buying to keep pushing us then we at least can look for this process to start and see how it goes. On the other side for this move to stick and to think higher prices from here we would want to see us hold over VAH or at least push back towards the Mean/Hold over and get back over VAH as we need to get over 640s and test the upper Edge with holds inside or right under the Edge after the test, until this happens I will lean more towards a move back inside Value towards VAL and potentially finding our top around here.
CME_MINI:ES1!
by HollowMn
3
Central Depository Services (I) Long positionCentral Depository Services (I) Ltd Daily Chart Analysis This daily chart of Central Depository Services (I) Ltd (CDSL) reveals key market movements and a clear ascending trendline support that has provided a strong base for the stock’s recent upward movement. Key Observations: 1.Ascending Triangle Pattern: The chart shows an ascending triangle pattern, characterized by higher lows connecting through a rising trendline and a relatively horizontal resistance zone near ₹1,660.20 - ₹1,664.40. This pattern typically suggests a continuation of the existing uptrend with a potential breakout. 2.EMA Levels: The stock price is above the 13, 48, and 200 EMA levels, which supports the bullish sentiment. The moving averages act as a dynamic support zone, indicating strong buying momentum. 3.Volume Trends: The volume shows periodic spikes, suggesting accumulation. A volume surge during an upward breakout above ₹1,660 - ₹1,664 could confirm the strength of the breakout. 4.Resistance and Support Zones: • Resistance: The key resistance levels to watch are around ₹1,660.20 and ₹1,664.40. If the price breaks out above these levels with strong volume, it could lead to a significant upward move. • Support: The immediate support level lies at ₹1,560.55, aligned with the ascending triangle’s support trendline. A break below this level may result in a corrective phase or consolidation around ₹1,486.65. 5.RSI Indicator: The RSI is around 58.93, indicating bullish momentum but not yet in overbought territory. A move above 60 would further strengthen the bullish sentiment. Potential Scenarios: • Bullish Scenario: A sustained breakout above ₹1,664 with strong volume may push the stock toward higher resistance zones, potentially targeting ₹1,750 and beyond. • Bearish Scenario: A failure to break above the resistance levels and a drop below ₹1,560 could lead to a pullback toward the support levels around ₹1,486. Impact of US Elections: The outcome of the US elections can influence global market sentiments, including Indian equities. A favorable or market-friendly outcome (e.g., policies encouraging global trade, fiscal stimulus, or economic stability) could trigger bullish momentum in international markets, including CDSL, especially if investor sentiment turns risk-on. Conversely, market uncertainties or potential negative impacts on global trade and investments could weigh down sentiment, causing increased volatility and possibly stalling upward momentum for stocks like CDSL. Summary: CDSL is currently showing a bullish pattern with an ascending triangle. The upcoming breakout or rejection from the resistance levels will likely set the direction for the stock. Traders should monitor volume, price action, and global macroeconomic influences, including the US election outcomes, to gauge market sentiment accurately. Disclaimer: This analysis is for educational purposes only and should not be construed as financial advice. Always conduct your own research or consult with a financial advisor before making any trading or investment decisions.
NSE:CDSLLong
by tintinhawk