Market Update 07. 05. 2021
What a circus. Markets have been all over the place. Banknifty has been having its most volatile trades ever. So where are we right now? Basically, we are between hitting highs on new affected cases, markets struggling with lack of fund flow, and a positive news flow to head higher. Price action says that we are in a quite narrow range and a break on either side can be worth a directional trade.
A larger time frame shows that we are taking decent support at previous resistance levels to head higher. Looks like a potential trade but let's not make any bets so soon.
Nifty Metals have been heading in a linear trend that certainly could be indicating inflationary worries. The future will look different than how it looks now. But obviously, it will be better. This year, while being super depressing, has also been super cool! We have proven that society is capable of working from home, thus reducing the need to drive gas-guzzling cars around town for a commute, while simultaneously saving us an extra 2 hours a day in getting ready