Forwarded from Fast Profits Daily
PSU Bank Index - Rejection at Resistance Zone 📉
The index made a significant move towards the resistance zone of 4130, but unfortunately, it faced a strong rejection at that level.
The rejection suggests that the bulls are struggling to push the index higher, indicating potential bearish pressure in the near term.
It is crucial to closely monitor the key support level of 3,950.
If the PSU Bank Index breaks below this level, it would confirm the breakdown of the Rising Trendline and 50DEMA.
A breakdown would likely signal a shift in sentiment and could attract further selling pressure from traders and investors.
#PSUBank
#KeepItSimple
The index made a significant move towards the resistance zone of 4130, but unfortunately, it faced a strong rejection at that level.
The rejection suggests that the bulls are struggling to push the index higher, indicating potential bearish pressure in the near term.
It is crucial to closely monitor the key support level of 3,950.
If the PSU Bank Index breaks below this level, it would confirm the breakdown of the Rising Trendline and 50DEMA.
A breakdown would likely signal a shift in sentiment and could attract further selling pressure from traders and investors.
#PSUBank
#KeepItSimple
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