Breakdown below 18360 accelerated the ongoing downtrend during the week below the expected pattern targetzone of 17980 - Tradebulls Securities
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Breakdown below 18360 accelerated the ongoing downtrend during the week below the expectedpatterntargetzone of 17980.Further acceleration would kick in once below 17660 support below which the importantpivotalsupport check is near 17422 (200 DEMA) level. Amongst trend strength indicators RSI at 32 is yet toenteritsoverbought zone while ADX trending above 30 is a strong sign of further acceleration indowntrend.Theupcoming week will carry some key data points as the upcoming week not only marks the occasional weeklyexpiry but marks the end of the month, quarter & year as well. With current OIPCR placement around0.73nearits oversold zone could see yet another pullback opportunity for further shorts. Traders should continuetodeployfurther shorts on bounce back opportunities as the upside resistance zone are well capped around18060-18130for the week while trend SL level is at 18440.
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