Firstly, I think with the Oil market plummeted more than 30% today, the indices is going to suffer as well. The expected areas of support are in the red lines indicated on the chart.
If you see the price action of the indices, it has gone up by 32%. The blue line indicates the 20% technical definition of a BEAR MARKET. Now, the price has surpassed that level by 12% (32-20).
But please wait for the trend line to be broken down first and not assume it must follow what I analysed. That would be putting the cart before the horse, a NO NO in trend trading.
Also, before the fall, it can still goes up a little more though I am less hopeful on that.
Let's see how things work out tomorrow.
If you see the price action of the indices, it has gone up by 32%. The blue line indicates the 20% technical definition of a BEAR MARKET. Now, the price has surpassed that level by 12% (32-20).
But please wait for the trend line to be broken down first and not assume it must follow what I analysed. That would be putting the cart before the horse, a NO NO in trend trading.
Also, before the fall, it can still goes up a little more though I am less hopeful on that.
Let's see how things work out tomorrow.
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