For short-term traders, a stiff resistance is observed at 109.355.
The pattern is occurred with peak 1 at 114.370 levels, peak 2 at 114.496 levels and neckline at 108.831 levels, this price behavior is a .
Any break-out below neckline likely to drag more price slumps, the current prices slid well below DMAs.
The current prices on major trend slide below EMAs (refer monthly plotting), don't expect sharp rallies as the major trend seems to be on the verge of 38.2% Fibonacci retracements.
Well, on a broader perspective, the massive volumes formation during the course of this rout is to substantiate the major trend.
Momentum analysis: Both leading oscillators ( & curves) on both daily as well as monthly terms have been converging downwards consistently that indicate the strength downtrend.
Trend analysis: Lagging indicators ( and 7 and 21 DMAs and EMAs) have also been signaling price slumps to prolong further.
Trading tips: Contemplating above technical rationale, we advocate shorting contracts of mid-month tenors in order to arrest further potential slumps. But maintain strict loss at around 109.5870. Writers in a contract are expected to maintain margins to open and maintain a short position until expiration.