WEEKLY ANALYSIS AND TRADE SETUP- 23 APRIL 2017

Last weekly analysis pointed towards the resistance around 3500 and over extension of prices,
which was basis to take short trade and now price fallen nicely giving us profit in short trade.

As price fallen sharply we initiated long trade in daily demand area as trend was up in daily but our stop has hit.

Now we have taken long at 3200 in weekly demand area with stop below 3070 for target of 3500.

Now trend on monthly is up but tend line is flat. Weekly is up with up trend line. Trend on daily and 240 min is down with overextension.
We are expecting rapid recovery in price

OI analysis suggesting addition of shorts in system, and short covering may give our target in long position.


Trend Analysis:




OI Data Analysis:




Trade Setup: