Trading around the crucial resistance zone of 16.50 to 17, a decisive close above this range can trigger a sharp rally in VIX. Above these levels, VIX could test 19.50-20 and 22.75-23 levels on the higher side.
The momentum indicator MACD has provided a bullish crossover on the daily charts from the zero-reference line. This indicates the completion of downward cycle in the short term.
Bear put spreads, calendar spreads and iron butterflies are some of the strategies recommended by analysts. One analyst advises traders to enter into trade during the last hour of the market during budget day