November 23, 2011
- VIX is looking good for bears. If it crosses 29 - 30 levels then volatility on the downside will increase. Unable to cross above 29 may give some relief for bulls.
- Price is below month low EMA and closer to the important support level of 4720 this combination has held for the last 3 months.
- Risk reward ratio favors a long trade here but the way price is getting rejected at day low ema is not helping bulls. So its better to wait for that close above 5 Day Low EMA which has not happened for many day's now.