The index could see a gap down opening around or below 7000, which is the double top neckline, however caution is advised since 5-DMA and 10-DMA are yet to confirm a bearish crossover and more importantly 10-DMA is still sloping onwards.
Hence, we could see a minor correction… although it is to be noted that bearish invalidation is seen only above record highs.
Watch for- Rejection at 4-hr 5-MA followed by a break below 7K levels as that would signal a more pronounced sell-off to sub 6900 levels.
Hence, we could see a minor correction… although it is to be noted that bearish invalidation is seen only above record highs.
Watch for- Rejection at 4-hr 5-MA followed by a break below 7K levels as that would signal a more pronounced sell-off to sub 6900 levels.
