Three weeks of winning streak started to show signs of exhaustion as bulls began to lose breath in the race. Consecutive rejections from the pivot at 46100 +/- 100 were observed and overall weekly closing remained below the pivot. WoW basis index made a net gain of +276.66 points or +0.61%.
Looking forward, the exhaustion signal is obvious and some dip for correction is imminent. 45500-44700 +/- 300 are previous resistance acting as support while 43800 +/- 300 is channel bottom of the current cycle. On the upside, the current channel top sits at 46800 +/-300 and looks difficult to breach. The strategy shall be to sell on strength or protect profits with stops.
The bulls may need to pull back for a refresher and charge again with full vigor. With the winter season approaching an end, it's also time for bears to come out of hibernation and hunt for some healthy food. Let's hope not too many bulls become a feast serving for the angry bears - otherwise, it may turn into an ugly blood bath!
There are no money market auctions during the week ahead (18 to 22 Jan) which may impact the equities market.
Best analysis sir as usualReplyDelete
Thanks master you beautyReplyDelete
Do u suggest profit taking also in oil gas sector which hasn't run much with index?ReplyDelete
OEP has already peaked in the current trend and we are out with profits!Delete
Awesom analysis as usual from ur part every week and mid week.Delete
Thumbs up for you Master.
Great Analysis MasterReplyDelete
Amazing a a always masterReplyDelete
Great work brother and very reading of market sentiment keep it up 👍ReplyDelete
Great review brother keep it upReplyDelete
Nailed it MasterReplyDelete
"The bulls may need to pull back for a refresher and charge again with full vigor."ReplyDelete
In Love with the beauty of the sentence formation. Dry technical statements explained in a simple and easy to understand way.
Perfect.. market is looking right now exactly like your blogReplyDelete
Thanks a lot master. Stay blessed.ReplyDelete
Good market analysisReplyDelete
Intelligent words "it's also time for bears to come out of hibernation and hunt for some healthy food."ReplyDelete
Bull's eye :P bang on target!
A typo mistake, I think "it may turn into an ugly blooth bath!
Blood Bath you mean!
Rest your analysis is good and realistic! However, people are playing optimistic! Risky but good for the market if people are hopeful!
Informative blog we shall must benifit from this😍ReplyDelete
Great analysis, Very well described.ReplyDelete
Great analysis by master.ReplyDelete