Support will be at 15743-15482-15358-15135. Resistance will be at 16128-16775.
If the level of 15135 is violated, then obviously the stance will remain the same and the slide will continue with momentum on the downside. In that case, the slide will continue towards 13500 or below as we have been discussing in earlier issues.
Hold short positions with a stop loss of 16100 and look to cover them at 15743 or below as the opportunity arises. Buy above 16100 with the low of the day as stop loss or 15358 whichever is lower. Subsequently, exit at 16519-16854. Sell on fall below 15100 with the high of the week at the point of breakdown.
Related posts: