Rushi requested a chart from Indian #stock market. This is LS.
What story can I read from this Chart?
1) #FOMO – Buying Culmination. Euphoria powered the market. Probably, news was good. Price touched 1600 level. I believe, some experts suggested 1700 or even 2000 soon. Everybody was positive, except you. Because as the Chart reader, you know the EXTREMELY high volume on Up-bar IS Hidden Weakness, because this is a lucky moment for big capital guys to use buying rush and unload their stocks on market tops.
2) Look the volume, it going down amid rising price. This is No Demand – #ND. Buying pressure Exhausted, activity goes off as traders do not agree to buy #stock at so high levels. We need a confirmation
3) And here is the confirmation! Supply bar and the Bearish Cha Cha. Look the volume – it is just normally higher than average. This is a healthy increase in volume, not abnormal. Expect decline from this moment.
We have a sequence of Weakness 1-2-3. That is why I marked that zone in red color.
4) Here is #SLKT. Cruel market tested the red zone in order to knock out from the falling market as many bears as possible.
IMO, the sentiment is bearish.
