Occurrence of multiple spinning tops near the resistance zone - Tradebull Securities
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Occurrence of multiple spinning tops near the resistance zone of the channel pattern is a sign of pause but the price is yet toregisteraclose below previous days low. Its trend strength indicator RSI saw a rebound from its 70 level but ADX on the other handsawabreakout above 25 level, which is a sign of strength. Hence its ideal to remain optimistic until 16450 holds while upside mayresumeabove 16750 zone for a move towards 17000 which remains a critical resistance zone for the week. Derivative data complimentstheexpected range of 17000 to 16500. Though there is no sign of a reversal yet on its lower time frames its ideal to retain a trailingstopstrategy for existing longs. Its PCR has fallen from 1.34 to 1.19 as the index approaches its overbought territory; its ideal tobookprofitsduring this course upwards towards 17000 where ever necessary and avoid leverage until a meaningful pullback move is not witnessed.Momentum longs should be booked completely in case 16180 is breached from hereon.
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