OUR VIEW π
It's very very very painful day for us, whenever we miss a Trending day like yesterday. We kept ranting about 15400 coming by June end but it came quickly.
None the less, we move on many more trending days will come we will capture them like we have in the past. πͺπ»
Coming to today, Sell-off came shorts held their ground and longs had to unwind them. Now what next ? We can see some sideways consolidation for next few days as we have seen back to back trending days in market. New positions will get build.
Remember this statement : Recession has not "come" yet & Markets have already reacted to it.
Here is what YOU should know about BREAKOUTS before you lose money on them !
A free FAILED BREAKOUT analysis for you - π§΅
A technical analysis term, used to show a rise in a stockβs price above its resistance level (such as its previous high price) or drop below its support level (commonly the last lowest price.)
The assumption is that the stock will continue to move in the same direction following the breakout, which generates a buy or sell signal.
Trading breakouts is an excellent trading strategy that involves buying or selling an asset after a long period of consolidation.
OUR VIEW π
Will any view work today ? π Jokes aside.
Keep your plan of action simple. If price Starts trading below the Supports mentioned expect breakdown. If price Starts trading above the supports and consolidates and breaks the resistances mentioned expect short covering.
Already too many shorts in the system. Will be interesting to see who gives up.
OUR BIAS FOR TODAY | BULLISH β‘οΈ
βββββββββββββββββββββ
15400-15000 becomes a possibility by end of JUNE.
βββββββββββββββββββββ
β‘οΈMajor trend is BEARISH so remember this
βββββββββββββββββββββ
Here are 10 chrome extensions that you wish you knew about earlier !
These are used extensively by me to make my life easier as a TRADER β°π
10th one is life savior !
Total Adblock is a Chrome extension that enables you to block pop-ups and annoying ads. It helps you to browse the internet faster. This plugin can prevent third-party trackers from tracking your activities.
Google Docs Offline is a chrome extension that allows you to edit, create, and view spreadsheets, documents, and presentations without the internet. It is one of the best Google Chrome extensions
These are 17 points that might bring YOU in the TOP 1% !
Donβt miss the 4th one βοΈ
Market cycles
Market Always moves in a cyclical way, supply and demand is basic principle for any cycle that involves money. Crack it youβll be way ahead of the curve.
History rhymes
Always remember that history wont repeat but will surely rhyme - go and see all major falls and all major rises. Core principles are same, triggers are variable.
Annual inflation rate in the US unexpectedly accelerated to 8.6% in May 2022, the highest since December 1981 and compared to market forecasts of 8.3%.
OUR VIEW π
Another good day for us, we expected short covering in the second half and we got the same. Today's gap-down again makes things tricky now.... We have positional longs that we are holding with an SL of 16240.
For today we have a sideways to bearish bias meaning we might open gap-down and trade sideways.
WILL 17000 COME FIRST OR 15400 IN JUNE ?, ONLY NEXT WEEK WILL TELL.
TODAY IS WEEKLY CLOSING LET'S SEE HOW WE CLOSE!