Is SENSEX pullback over?
Looking at a higher timeframe, SENSEX has retraced back to the golden zone, i.e., 65950. SENSEX touched the golden zone and immediately took a small reversal from the downtrend. This indicates a possible upside reversal from here. However, interestingly, the SENSEX today closed just at a historic support level.
We need to closely observe next session's opening and price action in the initial hour.
On the downside, 65669 is fib-0.706, another golden zone level. Further, 65541 is a historic support. If SENSEX opens in Green and sustains above today's swing high (66445), SENSEX will fill the GAP between the last session's closing and today's opening.
Note: This is just a personal opinion and not a trading advisory. Doyour own analysis before initiating a trade.
We need to closely observe next session's opening and price action in the initial hour.
On the downside, 65669 is fib-0.706, another golden zone level. Further, 65541 is a historic support. If SENSEX opens in Green and sustains above today's swing high (66445), SENSEX will fill the GAP between the last session's closing and today's opening.
Note: This is just a personal opinion and not a trading advisory. Doyour own analysis before initiating a trade.
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