After a short spike of about 1000 points from 15740 levels (Mid May 2022), we have seen another round of downward move in the last one week. We had discussed that we will have to witness a move above the 200 MA or the latest lower high to confirm an up trend. But unfortunately, we have been hit by bad news one after the other which has left the markets to consolidate for a very long time. As you can see from the image above, the relative strength index seems to be contained below 50 mark indicating weakness. We will need to battle out all negative factors that prove to be an impediment to an up trend. When this will happen ? That’s anybody’s guess. We will have dull periods like this once in a while where weaker hands shall be taken out. One has to patiently sit through these times to be able to witness light at the end of the tunnel.
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