Following is the link to this idea which I posted late night yesterday.
The consequence was on expected lines, a correction was due and it did come; Nifty settled near the first support of 11900.
9EMA on 21RSI on Two Hour Nifty chart, gave a SELL signal on opening itself, and continued with it throughout the day, even during the afternoon when there was a sharp breakout (false), this system continued with SELL only.
You might have noticed it in the main chart, this system has given a mild SELL signal on too. This is significant as such signals are more reliable on , Nifty was moving in BUY zone as per this signal since 11th Oct. 11286 level.
Nifty has been moving in a channel for some time, today's closing is very near to the low of this channel, it may take a support near lower range of channel i.e. around 11880 levels and reverse. If it decides to breaks the channel 11840, 11780 and 11700 could be the targets on the downside. If it stars moving upwards and crosses 11966, the uptrend may resume and 11980, 12000 and 12030 will be immediate resistance levels.
Beginners may try Puneet_9EMA_21_RSI on a two hour Nifty Chart, it provides reliable Enter and Exit signals for positional trades.
This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial advisor before taking any positions.
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