Dear Members,
Wishing one and all a very Happy Republic Day!
Now coming to the analysis. One look at the chart and even a layman can understand that we are in a very strong uptrend on all large time frames. However every uptrend needs a corrective phase and a meaningful one. We haven't had a meaningful correction for quite sometime. Looking at the price action in the last few days, clearly suggests that we have commenced this phase. If this is a pricewise/timewise correction similar to the one we've had before then it could last for 3 weeks and could probably pause at 13750 ( decent support too). Market needs some time to pause and rest after the relentless run it has had. Since the short term trend has turned negative, this is now a sell on rally market. However since we have had a vertical fall from the highs and since SGX suggests a deep cut tomorrow, I will look to buy the dip into support after studying the price action for a swift counter trend move to play out. There is a strong demand zone at 13950-14150 area which should act as support at least until budget.
Happy Trading!
PraDa
View attachment 45361