The above chart is drawn by our beloved RCG ji...in his analysis he has given out a bullish and a bearish scenario...although any bullish scenario will hold good above 5178..how? lets move ahead..
- This is a daily chart and the green channel is intact ..below this only we can see that expected big fall towards 4500-4600 level...
- Resistances are in form of yellow lines ..whenever nifty has entered this channel back either from top or bottom it has touched the other boundary...
- The immediate resistances are at 5177, 5196 and then 5232..above 5232 a 100 point sweep.
Let us see how this upmove is playing on in minute charts ..the narrow channel is a guide for intraday traders and the wider one for the maintenance of the momentum to the upside...
This is a cocktail of various TAs if u see the 50 day EMA is also at 5176 so that becomes a major tustle point for bulls and bears...and 61 % retracement near 535o...all the best...did any one notice that last week candle was a bullish engulfment..the first in many many months..
The above chart is drawn by our beloved RCG ji...in his analysis he has given out a bullish and a bearish scenario...although any bullish scenario will hold good above 5178..how? lets move ahead..
Let us see how this upmove is playing on in minute charts ..the narrow channel is a guide for intraday traders and the wider one for the maintenance of the momentum to the upside...
This is a cocktail of various TAs if u see the 50 day EMA is also at 5176 so that becomes a major tustle point for bulls and bears...and 61 % retracement near 535o...all the best...did any one notice that last week candle was a bullish engulfment..the first in many many months..
Harhal Bhai ,
ReplyDeleteAbsolutely fantastic charts. One request , please summarize you conclusion in last 2-3 lines of your posts.
Better to align the conclusion of readers to the authors, else poor chartists like me get confuzed.
hi shivam .. i generally do not bias myself and keep a track of moves on either side...nevertheless i will do that summarisation at the end...actually i want u to learn for urself..good luck
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