Continued from previous post.
Price action has been giving a wild swing. It is now above 13200 level. Positions have been established around 13090, 13050, 13200 & 13215 with stop loss @ 13250. Again, may be stopped out soon.
Technical Analysis (Ichimoku)
Tenkan-sen is converging towards kijun-sen, but yet to cut over. And both tenkan-sen and kijun sen are below the kumo cloud. However, chikou span has already cut the kumo cloud hi, but yet to cut tenkan-sen and kijun-sen. Price action itself is above the kijun-sen and below the kumo cloud.
Strategy (Ichimoku)
As with the very first post, opportunities arise below 13050 and above 13100-13200 where the thin kumo cloud is, which provided low resistance and support to the price action. It is happening now. With price action below the thin kumo cloud, it is still a bear trend. Sellers can add short with very limited risk just above the cloud hi. Buyers may want to hold till the confirmation of the price action above the cloud hi. Do take note of the forward cloud support level at 13150.
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