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| BUZZING NIFTY: WEEKLY FALLING WEDGE BREAKOUT |
Nifty gap-up opening today broke the falling wedge in weekly charts, price staying above yesterdays close would favor the Bulls.
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| BUZZING NIFTY: PRICE ABOVE 38DEMA |
Price behavior in NIFTY suggest after the initial failed attempt to clear 38DEMA the successive attempts have been able to move past 38dema and the swift rallies have given good profits.
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| BUZZING NIFTY: ABOVE 20SMA WILL TARGET 50-100 SMA |
Yesterday nifty close above 20DMA, staying above will target 50DMA@5049 and then 100DMA@ 5283.
The stage looks set for the bulls to capitalize on the good moves in last two trading sessions, staying above 4960-70 will favor the bulls only a move below 4945 will spoil the Bull party and the Bears will take control of Nifty once again.
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2 comments:
Sir nifty opened gap up above 38 ema and closed below it.How do you view this scenario false break out, bearish or bounce back?????????
Dear Joe,
Wednesday Nifty closed at 4751 level and Friday Monday combined moved 230 points, roughly 5% move on the index, if Tuesdays close was flat to negative it can not be considered as negative, If a trade is taken based on specific criteria( in this case 38DEMA) the stop loss should not be more then 10-15 points.
Global markets are all rallying since Wednesday and needed a pause, and the strength remains, the first sign of weakness would have been a close below 23% retracement of the last up move, and confirmed with a close below 20 SMA.
The 9RSI chart which was a part of Weekend analysis Suggested a bigger and Swift up move.
Feel free to get in touch in case you need further Assistance
Regards
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