Since Friday had a big gapup, and sellers were activated to bring the price lower. Sellers might get activated today as well. For BN to be bullish, the price should hover around 40300 levels or above.
- If the price goes lower than 40300, then sellers would get activated again. We could see them pulling the price down to 40000 levels.
- If the price doesnt break the 40300 levels, then we could see a volatile market.
- If there is a gapup, then the price wont sustain at that level, since the sellers would get activated.
If BN needs to move up to new high and sustain there I would prefer it to hover around these levels for this week before it moves higher.
- If the price goes lower than 40300, then sellers would get activated again. We could see them pulling the price down to 40000 levels.
- If the price doesnt break the 40300 levels, then we could see a volatile market.
- If there is a gapup, then the price wont sustain at that level, since the sellers would get activated.
If BN needs to move up to new high and sustain there I would prefer it to hover around these levels for this week before it moves higher.