The chart has formed ABCD pattern BC part was between 61.8- 78 percent fibonacci retracement i.e. around 8100 level and now comes the CD part which should be greater than 121 percent of fibonacci retracement. If the pattern is completed than profit booking should be done at 9300 level. But it can only be completed when there is some good news. After that short positions can be opened for target below 7500 as there is no chance of recovery till the second quater. Also, The large buying right now is because of FOMO among the traders as institutional guys are not puping the money in the market and only retail algo investors are buying which can be seen in the form of rise in price and decrease in volume i.e. trend reversal from bullish to bearish.
Kommentera:
As I have mentioned that the 9300 level can only be achieved when there is some good news. Instead of that we have some lower expectation news from opec+ meeting today. Now everything depends on tomorrow's G20 meeting. If the circumstances remains the same then the price is unlikely to reach 9300 level.
Trade stängt: målet nått:
Selling can be seen with initial target 8700.