Nifty Ranges valid from 4th-8th June

fcsa Updated   
NSE:NIFTY   Nifty 50 Index
Nifty Ranges valid from 4th-8th June. It is a wide range so trade carefully.

I have displayed 4 hour candles in the chart so the entire range is visible and yet the candle movement too can be seen on a day to day basis.

Also the Ichimoku Kinko Hyo should guide viewers about the bearish / bullish price action in the 4th-8th June trading week and accordingly set SL and targets based on the range levels.

As the week progresses you may have to press the <load new bars> button and adjust the zoom levels of this chart to clearly view the price action.
Comment: Do notice the last four bars in the chart.

The first and fourth are Dojis indicating consolidation which could lead to a breakout.

The first candle was a kind of Hammer which led to the next bullish candle.

But this was followed by the next candle with a similar top shadow and bearish. These middle two candles form a Tweezer Top followed by a Gravestone Doji.

This could indicate a bearish trend to follow.
Comment: The yellow stepped line is the 55 period Hul Moving Average. Currently it is below the price line so that is bullish. This is countered by the bearish candle formation I referred to in the earlier comment.

My advice is to wait for confirmation of trend with the breakout either below or above the Ichimoku cloud before entering a trade.
Comment: Nifty has now formed a triple top and the developing candle seems to be a bearish belt.

I have anyway been trading short since May 15th with regular profit booking. Currently short positions since 31st May.
Trade closed manually: Closed all shorts yesterday 5th May, because of the Hammer candle.
Comment: *Typo... it should read "Closed all shorts yesterday 5th June..."
Comment: I guess it now a time for caution. Tomorrow is Friday and next week on Tuesday the Kim-Trump talks start which could lead to unexpected outcomes.

The Bank Nifty candle structure in the daily charts looks like tomorrow will be a down day and that will affect Nifty as well.

And the Nifty daily candle seems to me to be something of a Bearish Evening Star indicating a drop in the immediate context.
Comment: These range levels are still valid for the next few days. Can be used to determine targets and SL.
Comment: Range levels still valid as on 21st June

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