Island Reversal on Sensex

There is an island reveral on Sensex.

An island reversal means that current trend is over.

Hence, the recovery starting from 16th march may be under threat.

However, the pennant boundry and the gap on 20th march may act as supports.

It'll be wiser to wait for Sensex to go below 12300 before shorting the index.

For short-term trading, if market goes below 28th march's low, shorting can be done with SL at the new Gap and target at the gap on 20th march as well as the lower boundry of pennant.