Multiple time frame analysis of any STOCK/INDEX is the basic criteria for a HIGH PROBABILITY SETUP.
I have analysed Nifty 50 in 3 time frames 15m/1H/1D and found few candlestick patterns/Reversal patterns that shows NIFTY has the potential to hit lifetime high again ONCE THE TRADE GETS ACTIVATED.
15 MINUTE:
.Inverted head and shoulder and a stage formation.
.If NIFTY opens gap up and sustains above 18300 then 18400 will be our target and on breaking that we might see 18500 levels due to short covering.
If NIFTY opens flat and 1st 15m candle closes above 18300...Just grab it with both hands
.If NIFTY opens with a huge gap down then it would be wise to avoid trading tomorrow.
Reasons why NIFTY 50 can be bullish in the coming days
1 Hour:
.EMA 20 is crossing EMA 50
.Many long wick rejections seen
.No follow through after the big bearish candle breaking 18000
.Trendline broken and is consolidating.
1 Day:
.EMA 20 support in Daily time frame
.Many long wick rejection candles confirming strength
.RSI 60+
There are lot many bullish signs in all 3 time frame than bearish signs.Hence the chances are very high for it to reach all time high again.So taking bearish trade unless and until 18000 is broken is very very unsafe for one's trading portfolio.
FOLLOW me for more such content ahead...Till then,
HAPPY TRADING:)
I have analysed Nifty 50 in 3 time frames 15m/1H/1D and found few candlestick patterns/Reversal patterns that shows NIFTY has the potential to hit lifetime high again ONCE THE TRADE GETS ACTIVATED.
15 MINUTE:
.Inverted head and shoulder and a stage formation.
.If NIFTY opens gap up and sustains above 18300 then 18400 will be our target and on breaking that we might see 18500 levels due to short covering.
If NIFTY opens flat and 1st 15m candle closes above 18300...Just grab it with both hands
.If NIFTY opens with a huge gap down then it would be wise to avoid trading tomorrow.
Reasons why NIFTY 50 can be bullish in the coming days
1 Hour:
.Many long wick rejections seen
.No follow through after the big bearish candle breaking 18000
.Trendline broken and is consolidating.
1 Day:
.Many long wick rejection candles confirming strength
.RSI 60+
There are lot many bullish signs in all 3 time frame than bearish signs.Hence the chances are very high for it to reach all time high again.So taking bearish trade unless and until 18000 is broken is very very unsafe for one's trading portfolio.
FOLLOW me for more such content ahead...Till then,
HAPPY TRADING:)
