Opening : Between H3 and L3
Position : CPR of this month is above previous month's , indicating a bullish outlook.
Width : CPR is narrower than previous month's, indicating a trending month.
Strong Resistance : R2,H5 and yearly H5 coinciding
Strong Support :
1) CPR, L1, L2, L3 coinciding
2) L4, yearly H4 coinciding
My analysis :
Since the CPR is narrower and above previous month's CPR, expecting NIFTY to reach H3/R1(atleast once) and higher by the end of this month.
L3/S1 already touched and bounced. If S1 is breached and sustained, expect more bearish movement in the index.
Disclaimer : The indicators, strategies, columns, articles and all other features discussed here are for educational purposes only and should not be construed as investment and/or trading advice/tips.
Position : CPR of this month is above previous month's , indicating a bullish outlook.
Width : CPR is narrower than previous month's, indicating a trending month.
Strong Resistance : R2,H5 and yearly H5 coinciding
Strong Support :
1) CPR, L1, L2, L3 coinciding
2) L4, yearly H4 coinciding
My analysis :
Since the CPR is narrower and above previous month's CPR, expecting NIFTY to reach H3/R1(atleast once) and higher by the end of this month.
L3/S1 already touched and bounced. If S1 is breached and sustained, expect more bearish movement in the index.
Disclaimer : The indicators, strategies, columns, articles and all other features discussed here are for educational purposes only and should not be construed as investment and/or trading advice/tips.
Comment:
Strong support 1 breached, now it will act as resistance. Most likely to oscillate between 11960 and Strong support 2 for few days before making any breakout.