There was a lot of tug of war around the BRN 5000 but the index dropped below it to close around the day's low. The barometer reading has dropped to -62. The reading was at -72 (yellow circle below) in early January.
As I've said earlier, my target remains at 4500. This may sound too much but I have a hunch that we will go there.
6 comments:
well I wanted to know what do u make out of OI data ...( more importantly FII data ) ......like this one says HUGE LONG BUILDUP---http://marketpulse-snp.blogspot.com/p/option-open-int.html...
will u stick to ur target even when in midway u see data showing huge long buildup..
Hi Jonak, I don't track and believe in open interest. Another waste of time.
For an Option trader an intraday chart of Spot Nifty is enough.
Everything else is noise.
How low has the barometer previosly gone, am sure 2008 low reading must be crazy, apart from that how low have these readings gone
BC, the barometer is a recent invention (!) so I don't have any idea of how low it was during the 2008 bear market. I can run a scan and find out but the process is quite tedious and not worth the effort.
Thanks SS...thats what i have felt all along...Price discounts everything...
You're welcome,Jonak. Have a good day!
Our analysis has to be simple. If we bring in multiple variables into our analysis then we are just making it complex.
KISS is the mantra! :)
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