KumarAbhilash

nifty -after rbi policy

NSE:NIFTY   Nifty 50 Index
151 0 8
Oh !! that GAP :
Followers of Technical Analysis know that Gaps are of three types:
1. Break-away Gap;
2. Continuation Gap;
3. Exhaustion Gap.
Till now, I have been considering this 9622-9637 gap as exhaustion gap (and RSI divergence and break-down as well as the solidity with which 9600CE writers retained their positions despite their fortress 9655-9660 remaining under threat, lent support to this view.) And mind you, both the abovesaid reasons remain true as I write this.
Then, what has changed?
Only one thing---- this Gap has withstood for three days and that's rare for Exhaustion Gap, which is known to leave everyone gasping for breath.
Now lets look at the Hourly Chart:
snapshot

It shows how the Gap has remained unfilled and how the Price Candles have become Long-legged as they entered this Gap.
Though some H&S Pattern lovers may cite the following
snapshot

Others may point at the breach of descending Trendline as follows
snapshot

Then what's the Conclusion??
My threshold for tmrw--- on the upside is 9678.55 and on the downside is 9630.2
snapshot

Trade closed manually
Comment:
snapshot
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