12 Apr Friday Daily Outlook
The market sentiment largely seems Bearish, looking at the
wipe out on 10th Wednesday, of all gains it made previously. The
price is right at an important support level of 37475. If this level is broken
and moves below, the channel from here to 36500 level is considered a noisy
one, in the meaning of bunch of spikes seen in the past in this channel. So,
preferred to stay out of this channel. Break and hold of 36500 would start a
new leg of downtrend projecting towards 34500 and 31350 levels.
To turn this Bearish view into Bullish, price must close
above 39300 level and to get there will have to overcome the resistances at
38000, 38375 and 38750.
For today, looking at this chart, we may have a Bearish Flag
here, the price is expected to follow in the direction of the break. If it
breaks upwards, resistances are marked at 37935 and 38357.
I will discuss further later on about the Bearish view tied
with FOMC Meeting Minutes. Stay Tuned.
Trade Safe :)
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