Good morning Friends,
I have already quoted past week also that market is looking sluggish to heavy near 15900 levels. Yesterday was also one such confirmation day. If one is intended to trade long then one must wait for fresh and strong break out above 15900.
Above is hourly chart. It is a price action chart. It is showing multiple top at 15900 levels. Good part is that it had higher bottom which can confirm that we can expect breakout sooner than expected. This may require quicker action.
For today's trade I suggest to expect a support at 15800 levels. Looks like if it break 15800 then we can expect a slide. On higher side to trade long I will wait for strong breakout above 15900 levels. May be I will even above 15930 kinds levels.
Happy trading,
Praveen Kumar
