Traders short need to revise down the stop loss to 3194.
Expect lower range of 3125-3074 to be tested.
Resistance will be at 3156-3175.
Retracement of the rise from 2655 to 3411 is being witnessed.
Retracement levels are placed at 3122-3035-2947.
Expect support to be witnessed at 3125-3109.
Downside momentum will continue if clos is below 3109.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend
Price
Trend
Date
L1
L2
CP
L3
L4
Hold Short
3144.22
3257.58
DOWN
3301.59
8.08
3074
3125
3156
3175
3226
*Trend will remain Down as long as last close is below the pink color DRV.Trend will be Up as long as Price is above DRV. Positional Traders can hold long position with DRV as the closing stop loss and close > DRV. Traders can hold short position with DRV as the closing stop loss and close < DRV.
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