23 May Thursday View

Yesterday we had a huge roller coaster ride with a gap of 1141 points from high to low  within an hour, before and during the testimony of Fed Chairman Mr. Bernanke and FOMC Meeting Minutes. This sort of whipsaw is good enough to close out a position hitting stops. The price rose briefly above 33376 (USD 1384), tested a high of (USD 1414.42) but could hold up and tumbled below to low 32657 (USD 1354.20) and closed the day at 32869 (USD 1363.20).

As it's been seen, 33376 level is not giving up that easy, if, today, it is going to be tested once again, the price will have to break 33000 (USD 1368.63) level first. On the downside, if 32625 (USD 1353.08) is broken, we may see further below levels tested. Refer to image May22_H4 to see H4 chart.

Trade Happy, Trade Safe. :)