Occurrence of an Inside Bar formation with price enclosed within its 5 & 20 DEMA zone - Tradebulls Securities
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Occurrence of an ‘Inside Bar’ formation with price enclosed within its 5 & 20 DEMA zone of 17745-17876 could lead the index out of the ongoing consolidation. Breakout above 17876 would lead the pullback towards 18080 immediately but a case of a breakdown below 17550 would be lethal. The immediate range for oscillation stands at 18080-17640. With no clear reversal pattern formations on its daily nor weeklyscale;which indicates that the pullback could remain temporary. Hence its ideal to deploy &adhereameanreversion stance while deploying any fresh long short positions. Aggressive positions could beavoideduntilaconfirm break of the range is evident on either side or on an occurrence of a clear decisive reversal patternformation with right characteristics is evident on its daily or weekly scale.
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