Market View 20230714

After yesterdays' failed attempt to break the trendline (and closing just below it), we may see another attempt, but I feel this could also be a failed attempt. However, in order to stay within the trendline, the market has to go lower today.

If however, this continues for some more time, we could see sideways consolidation and then a move up again.

938AM

We're looking at a resistance of 44930, it may try to break this, but can it sustain the break. That's to be seen. Looking at the long wicks on the candles, it appears to be a seller zone. Shall wait.

1135AM

As we can see from the above, the resistance wasn't broken, and we've touched the lower support at 44750. This looks like its a drift downwards, rather than a sudden fall. Nevertheless, will have to be patient and wait.

133PM

We've been bouncing below the VWAP trend line. The action will come in the last hour of today, and I'm guessing its to the downside. However, the opposite could happen, just to trap the bulls. Will have to wait. The level 44750 is key right now, fall below that, and we could fill the gaps below:

302PM

As before, the straddles are around 45000 for both July & August, so expect some more sideways consolidation. For July, we can see a greater amount of PEs, but the opposite for August. Almost like a calendar spread.

• Straddle around 45000 level
• 44500 <> 44,800/46000 for tighter range
• 44000 <>47000 for a wider range.

316PM

You can see the last hour short covering. And yet it doesn't look like it can cross the 44900 level which it attempted in the morning.

• I'll say this, it looks like MONDAY WILL BE A DOWN DAY. I could be wrong, but let's see.