In continuation with an earlier idea on this
Nifty reversed from 1460 lvls.
After making ATH (all time high) on 16th of Feb, it faced some profit booking for the next 4 days and came down by 810 pts from ATH
on 25 Feb, again it tried for a breakout for ATH but failed short by 250pts and 26 Feb some really severe selling pressure ...closing was approx 970 pts down from ATH
When it started looking that it has formed a new lower low, it surprised most of us, by again trying breakout with series of GAP UP's, but this time also it falls short from ATH by 160 pts. though it failed, was an improvement from last time 250 from ATH to 160 pts from ATH
Now it has been consolidating for the last 5 days with 275 pts away from ATH ...
Logically, it makes sense that it may test ATH again. will it be today or on Monday, don't know.
The big open question would be - what would happen after it tests ATH? will there be a severe profit booking or would there be follow-through.
Happy Trading
MSK
Nifty reversed from 1460 lvls.
After making ATH (all time high) on 16th of Feb, it faced some profit booking for the next 4 days and came down by 810 pts from ATH
on 25 Feb, again it tried for a breakout for ATH but failed short by 250pts and 26 Feb some really severe selling pressure ...closing was approx 970 pts down from ATH
When it started looking that it has formed a new lower low, it surprised most of us, by again trying breakout with series of GAP UP's, but this time also it falls short from ATH by 160 pts. though it failed, was an improvement from last time 250 from ATH to 160 pts from ATH
Now it has been consolidating for the last 5 days with 275 pts away from ATH ...
Logically, it makes sense that it may test ATH again. will it be today or on Monday, don't know.
The big open question would be - what would happen after it tests ATH? will there be a severe profit booking or would there be follow-through.
Happy Trading
MSK