S & P-500
Open—55597.53--High—5650.57—Low—5558.52—Close—5633.08 on 1.4.2025.
Support:5603.10/5504.65/5497.09/5447.80/5402.62/5390.95/5340.65/5327.44/5264.85/5191.68/5146.06/5119.26/5104.35/5091.14/5057.29/5011.53/499058/4953.51.
Resistance:5651.02/5669.65/5674/5696.51/5762.41/5765.40/5774.56/5786.95/5832.30/5853.01/5876.84/5903.26/5924.10/5962.92/5986.09/6003.79/6019.96/6029.89/6049.75/6090.27/6099.97/6101.28/6128.04/6147.43.
Technically
it is on a very weak footing now and into correction mode and most importantly
long term uptrend is also severely threatened as it is below all its long term
moving averages on the daily chart as of now, therefore further fall looks
inevitable in coming times with in between short relief rally at times. However
if it manages to hold the points or range of 5611.85----5597.53 in the month of April-2025 then it may extend the pullback rally, but it may get
some strength for the rally to move up further once it closes above 5644.18(figure may change) and sustain
on the closing basis then the broad upside target could be at 5697---5740---5775-----5787---5818---5896----5904----5925, if it
moves above 5697 & 5775 and
sustain on the closing basis then it will further strengthen for continuation
of the up move and finally if it moves
above 5925 and sustain on the
closing basis then it may get back on a up-momentum track again. The chances of
it happening look slim at this point of time because the overall bias is hugely
negative as of now.
Similarly
if it remains below 5696.51 on the
closing basis then it is likely to slip down further and if it break and
sustain below the range of 5611.85----5597.53
and sustain on the closing basis
then it may trigger fresh fall and can drag it down to 5488 levels, it could be a reasonable bounce back point, but break & sustained
close below it may witness an
accelerated fall and can drag it down to the range of 5402----5362----5324, and this could be a strong bounce back range
.but if it break & sustained below 5324
on the closing basis for a longer time period then it could drag it down to 5119 or lower. The short & medium
term bias is negative and long term uptrend is severely threatened as of now.
Furthermore,
it is important to mention here that as of now almost all the important
technical indicators are weak on the daily, weekly & monthly chart.
Therefore in totality further fall looks inevitable in coming times, provided
it do not stage a sharp recovery and move above the critical points.
NOTE: - It is a technical assessment
of the indices as of now, the technical interpretation changes with the price
movement and time; therefore it needs periodic review, which may please be
noted.
Disclaimer:-The view expressed here are solely of the author and he is
not at all responsible in any way for the outcome of the trade you enter based
on the above view.
Kindly
note that make your cost your stop loss in favorable trade
and then trail it as the price move up/down to gain maximum profit and avoid
losses. Use support and resistance levels as entry, exit, target and trailing
stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated here are of spot
market.
Contact me for strategic guidance
to enter and exit trade.
Thanks
Narendra
Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.