Power of Stoch RSI indicator along with Pearson's Regression Channel in RANGE BOUND Market.
The Stochastics indicator is used in and provides a Calculation of the ( )
which is another momentum based Lead indicator. The main difference here being that,
the Stoch measures the , relative to its RSI’s high and low range over the specified period of time.
It is important to remember that the Stoch is an Indicator of an Indicator making it two steps away from price.
RSI is one step away from price and therefore a calculation of the is two steps away.
This is important because as with any indicator that is multiple steps away from price,
can have brief disconnects from actual price movement.
That being said, as a range bound indicator,
the RSI's primary function is identifying crossovers as well as overbought and oversold conditions.
RSI indicator & Oscillator is based on PRICE (CLOSE). But is based on RSI.
Intraday Res: 9604, 9615, 9643, Weekly Res.: 9616, 9640 - 9658 (HZ), 9703 ( NIFTY SPOT Value)
IN CHART: "Intraday Res" wrongly published As "95004......"
Intraday Sup: 9556, 9538, 9509. Weekly Sup.: 9538, 9515 - 9497 ( BZ ), 9450 ( NIFTY SPOT Value)
"HZ" & "BZ" => Trend Finding Zone, (Either REVERSAL or Continuation to another Magnitude)
analysis: In Last Week Trading Between Tenkan-Sen (9635.05) & Kijun-Sen (9525.47) line & Above CLOUD High Band (9311.59).
any crossover confirm Breakout of "PEARSON's Channel" in either Side.
Volatility: Annual Increased (Weekly Chart).
Short term trend LONG.
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Disclaimer: Only For STUDY. For taking Trade Decision Consult Financial Advisor.