$NEPSE closed at 2700 today with -100 points. As mentioned earlier, if we fall below 2800, we could be heading towards the 2670 to 2700 area and that is exactly what happened. It seems the news of the rising interest rate was the catalyst of today's fall.
As for the preferred scenario, I'm expecting the market to give a bounce from here on to somewhere between 2740 to 2780 before falling again to take support somewhere between 2670 to 2700 again. 2825 is now an important area the market needs to close above.
Alternatively, if the market cannot give a bounce tomorrow and falls further breaking below the falling channel, it could signal a further fall downside to 2620.
Disclaimer - It's only for educational purposes. Take your own decision before the trade.
As for the preferred scenario, I'm expecting the market to give a bounce from here on to somewhere between 2740 to 2780 before falling again to take support somewhere between 2670 to 2700 again. 2825 is now an important area the market needs to close above.
Alternatively, if the market cannot give a bounce tomorrow and falls further breaking below the falling channel, it could signal a further fall downside to 2620.
Disclaimer - It's only for educational purposes. Take your own decision before the trade.
It did maintain 2700.. so you expect NEPSE to go down still??
Only if the market didn't respect the falling channel, I expected a sharper fall which could have led to 2620. But the market has respected the channel so far. Please check out my latest post for further direction.