Ranges are frustrating and believe me i dont even feel like writing this update because it is a repeat of sorts. But have to put in an update after everyones request so here I am. Seems like we will be volatile within 2661 and 2950 till expiry. I have marked the immediate supports and resistance levels on the chart.
The stochastic oscillator is in oversold territory. This oscillator compares where a security’s price closed relative to its price range over a given time period. The idea behind this indicator is that the closing prices should predominantly close in the same direction as the prevailing trend. In an upward trend the price should be closing near the highs of the trading range and in a downward trend the price should be closing near the lows of the trading range. When this occurs it signals continued momentum and strength in the direction of the prevailing trend. So when the stochastics moves up from oversold territory it signals that prices are no longer closing near the lower range and a reversal is on the way.
So be on the guard and keep stops on shorts . And of course keep stops on longs too since trading without stop losses is suicide in ranging markets.
Happy trading !