The stock market for this week continue to retrace further where it touches the Fibonacci level at 0.382 – 0.50. Thereafter, it seems to linger within this range for few days. The market sentiment continues to be bearish (due to the news on rising inflation rate, Ukraine & Russia conflicts) with closing at USD438 on 15 April 2022.
In view of the bearish engulfing pattern on closing 15 April 2022, the stocks might face a further short-term bear market until it touches the 0.236 level (which most likely until mid-May 2022). During this time, it is best advice to take this short term advantage to short the market or to buy the stocks in dollar cost averaging.