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Here are the market directions and levels for July 14th:
The global market continues to maintain a moderately bearish sentiment, and our local market is also reflecting the same tone.
So, what can we expect today?
Current View:
Structurally, there has been strong selling pressure. So, if the market consolidates or breaks the support with a solid candle, we can expect the correction to continue.
Alternate View:
On the other hand, if the market finds support near the immediate support level or if the initial move takes a pullback, we can expect a maximum 38% to 50% pullback in the minor swing.
Even if that happens, the trend may still remain bearish in the lower time frame. So, if the market starts to reject around the 38% Fibonacci level on the upside, we can expect the downtrend to resume.
In simple terms, if a pullback occurs, we may see a range-bound market.
Here are the market directions and levels for July 14th:
The global market continues to maintain a moderately bearish sentiment, and our local market is also reflecting the same tone.
So, what can we expect today?
Current View:
Structurally, there has been strong selling pressure. So, if the market consolidates or breaks the support with a solid candle, we can expect the correction to continue.
Alternate View:
On the other hand, if the market finds support near the immediate support level or if the initial move takes a pullback, we can expect a maximum 38% to 50% pullback in the minor swing.
Even if that happens, the trend may still remain bearish in the lower time frame. So, if the market starts to reject around the 38% Fibonacci level on the upside, we can expect the downtrend to resume.
In simple terms, if a pullback occurs, we may see a range-bound market.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.