3 December 2020 (8:00 am IST)
2 December 2020 (9:30 pm EST)
World stock markets are showing mostly positive numbers in this session, indicating that the weekly rangebound trend will have a positive bias in this session.
The positive trend has found support from small gains in US stock markets’ overnight session. Although US stock futures are negative, but the margins are thin and can climb up later in the session.
At the time of writing, all major Asian stock markets are trading in the green. Only the Shanghai index is in the red. SGX Nifty is around 15 points positive, showing that Indian stock markets may open with positive numbers.
How To Day Trade:
- This week, like the previous 3-4 weeks, is turning range bound in global stocks.
- It is also the start of a new month and markets are moving slowly, not clearly going down or up.
- So, the best bet for day trading would be to adopt rangebound trading strategies.
- It would mean, buying near major supports and selling near major resistance levels.
- The price may signal its trend change by making “double top” near resistance and “double bottom” near support levels.
- These signals will be good for starting a fresh trade. One can exit these trades when the trendline is broken by price movement.
World stock markets are trading positive, although with small gains, in this session. The trend is rangebound within weekly high and low levels with lots of volatility.