What is happening worldwide:
Consumer spending in USA and China is declining and experts are of the opinion that banks will report lower profits than expected in the coming results season. Car sales and chip demand is declining and valuations of the stocks are sky high.
Taking all this into account, the selling pressure on Banks is expected to increase in coming days. On 15 minutes chart, the price has already gone below the consolidation zone and any upmove (whether gap up or sustained up move) will be a good point to sell.
FIIs + DIIs (collectively) are still holding net 12% more Long Positions than Short Positions which means there will still be some up moves before the true downslide starts.
Keep a tight watch on your chart for any fresh break below consolidation zone.
Consumer spending in USA and China is declining and experts are of the opinion that banks will report lower profits than expected in the coming results season. Car sales and chip demand is declining and valuations of the stocks are sky high.
Taking all this into account, the selling pressure on Banks is expected to increase in coming days. On 15 minutes chart, the price has already gone below the consolidation zone and any upmove (whether gap up or sustained up move) will be a good point to sell.
FIIs + DIIs (collectively) are still holding net 12% more Long Positions than Short Positions which means there will still be some up moves before the true downslide starts.
Keep a tight watch on your chart for any fresh break below consolidation zone.
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Our Telegram Channel: @CheetaTrader
join to complete FREE TRAINING on how to use the indicators effectively and then request @jellygill for FREE TRIAL