We ran up sharply yesterday based on the channel support and supportive stochastic and RSI, and the AO.
Now we have come down sharply, which shows we are under pressure, and again 17.6500 area proves to be important resistance now. The stochastic is NEG and RSI as well, but not convincing. However, I feel we are in SELL mode now and we will likely test 17.4500 channel support is my view.
Strategy SELL @ 17.5500-17.6000 and place stop-loss @ 17.6700. Profit order @ 17.4600.
Now we have come down sharply, which shows we are under pressure, and again 17.6500 area proves to be important resistance now. The stochastic is NEG and RSI as well, but not convincing. However, I feel we are in SELL mode now and we will likely test 17.4500 channel support is my view.
Strategy SELL @ 17.5500-17.6000 and place stop-loss @ 17.6700. Profit order @ 17.4600.