Price rose in a rising channel since February 2018 on the support of 200 DMA -- strong uptrend. At present S&P500 is at the channel top and also reached the previous high. Double Top pattern in place. Generally such a pattern indicates to a crucial inflexion point. From here price can move either of the sides. As the trend is up, there can be some consolidation happening.
Why this chart is important for Indian market? This chart has close affinity with all major international markets. This is not a trading call but an effort to understand the general mood of the trading community of the world.
Let me know what is wrong in this study. I am ready to correct my understanding accordingly.
Why this chart is important for Indian market? This chart has close affinity with all major international markets. This is not a trading call but an effort to understand the general mood of the trading community of the world.
Let me know what is wrong in this study. I am ready to correct my understanding accordingly.