NIFTY UNABLE TO CROSS ONE HOUR INITIAL BALANCE
IN ONE HOUR TIME FRAME NIFTY ATTEMPTED TO CROSS ONE HOUR INITIAL BALANCE(MARKET PROFILE) MANY A TIMES
BUT RETRACED BACK ONLY LEAVING WICKS BEYOND INITIAL BALANCE (WHICH IS ONE HOUR HIGH AND LOW OF 1 ST ONE HOUR CANDLE)
IT SEEMS NIFTY IS NOT WILLING TO GO UP SELLING PRESSURE FACING AT HIGHER PRICE.
HOWEVER IT CLEARED THE LOW OF 1 ST HOUR CANDLE TOWARDS THE END.
SOME SHORT OF HEAD AND SHOULDER PATTERN APPEARING IN IN 60 MINUTES CHART.
ALL SEEMS TO BE BEARISH IN SHORTER TIME FRAME.
HOW EVER IF WE JUST VISUALIZE IN DAY TIME FRAME NIFTY HAS BEEN IN UPTREND AND RETRACED FROM 38.2 OF RECENT LOW AND HIGH.
UNLESS THAT LEVEL IS BROKEN ON CLOSING BASIS WE ARE STILL IN BULL RUN.
ONE POINT IS SURE IF NIFTY IS ABLE TO CLOSE ABOVE HIGH OF 15/11/2019 HUGE UPSIDE IS AWAITING
ONLY WHEN NIFTY CLOSES BELOW 38.2 RETRACEMENT FURTHER DOWNSIDE IS POSSIBLE
PLEASE CHECK MY DAILY TIME FRAME CHART.
BUT RETRACED BACK ONLY LEAVING WICKS BEYOND INITIAL BALANCE (WHICH IS ONE HOUR HIGH AND LOW OF 1 ST ONE HOUR CANDLE)
IT SEEMS NIFTY IS NOT WILLING TO GO UP SELLING PRESSURE FACING AT HIGHER PRICE.
HOWEVER IT CLEARED THE LOW OF 1 ST HOUR CANDLE TOWARDS THE END.
SOME SHORT OF HEAD AND SHOULDER PATTERN APPEARING IN IN 60 MINUTES CHART.
ALL SEEMS TO BE BEARISH IN SHORTER TIME FRAME.
HOW EVER IF WE JUST VISUALIZE IN DAY TIME FRAME NIFTY HAS BEEN IN UPTREND AND RETRACED FROM 38.2 OF RECENT LOW AND HIGH.
UNLESS THAT LEVEL IS BROKEN ON CLOSING BASIS WE ARE STILL IN BULL RUN.
ONE POINT IS SURE IF NIFTY IS ABLE TO CLOSE ABOVE HIGH OF 15/11/2019 HUGE UPSIDE IS AWAITING
ONLY WHEN NIFTY CLOSES BELOW 38.2 RETRACEMENT FURTHER DOWNSIDE IS POSSIBLE
PLEASE CHECK MY DAILY TIME FRAME CHART.
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