I had last week mentioned that market status is bearish and need one for confirmation to ascertain the medium term bearishness. By the close of Nov 19th, an absolute confirmation is endorsed.
Now looking beyond, the monthly and yearly charts are disheartening. Notice the Candlestick patterns marked “B” and “C”. I this moment I am not venturing into any forecast on the monthly and yearly charts, as it need confirmations. One thing is sure; the investment climate is worsening and market is shifting towards trader’s advantage. In the coming weeks only traders will make money and not investors, unless a bullish reversal is confirmed.
At this point, I would like to quote my Guru’s words. “When such ominous chart patterns are observed, it is better to sit on cash and wait for the next opportunity. No one is stopping you to buy your stocks back, when market turns bullish.” Of course, these golden words are for investors and not for traders, who can take advantage of the Bullish and Bearish markets.
The important levels for next weeks are 5800 and 5600.
