1. From January 17 to till this day Nifty is travelling in a channel (Channel 1) with FOUR exeptions:
A. On 19/04 index opened below the low level of this chart and closed inside the channel.
B. On 9/05 index opened in the channel, but cloed below the low level of it. Approximately 220 points away from the lower line.
C. On 9/04 and 10/04 candles were near the upper line of this channel, but they couldn't touch it.
D. On 30/04 and 3/05 candles were near the upper line of this channel, but they couldn't touch it.
2. Based on these FOUR exeptions we can draw a new channel. (See channel 2.)
3. If nifty is going to respect the levels of this new channel it will touch the low level of this channel, it is 21800. And it may take support and continue its long term uptrend.
4. Be careful, if the index breaks the low level of this channel it may go further low.
I AM NOT A SEBI REGISTERED ANALYST. And this is not a trading advise, this is just for educational purpose.
A. On 19/04 index opened below the low level of this chart and closed inside the channel.
B. On 9/05 index opened in the channel, but cloed below the low level of it. Approximately 220 points away from the lower line.
C. On 9/04 and 10/04 candles were near the upper line of this channel, but they couldn't touch it.
D. On 30/04 and 3/05 candles were near the upper line of this channel, but they couldn't touch it.
2. Based on these FOUR exeptions we can draw a new channel. (See channel 2.)
3. If nifty is going to respect the levels of this new channel it will touch the low level of this channel, it is 21800. And it may take support and continue its long term uptrend.
4. Be careful, if the index breaks the low level of this channel it may go further low.
I AM NOT A SEBI REGISTERED ANALYST. And this is not a trading advise, this is just for educational purpose.
Trade active:
Index is moving in a favourable way. If it continoues, we can expect 22530, 22620, 22750, 22850.........
