NIFTY finally broke the silence and breakout occurred and today seems to have turned in the bearish direction. nifty may see first target from this breakout to the 50% of fibo level around 7894 in near term. traders may enter short in NIFTY on retest of the resistance with a target of 7894.
Draw a trend line joining low of 21st and 24th November (on hourly chart ) and you will see today's fall was contained within that trend line (check Nifty post by abhishek Singh CMT). Than nifty will bounce if this trend line holds.
Now if you draw trend line by joining 21st November and 5 dec low , today's fall would be break .(Also its below the inner bar of 13 dec), Which gives target around 7850.
Lets see what will work , My view the second will work b'cas its basis is daily chart which will override any hourly chart.
nextgen
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@neneram, I personally study only daily chart EOD , which gives me clear picture of future movement. thanks,
MehulJain3a
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@neneram, I didn't understand y don't u post ur idea....
On nifty Hourly chart draw a trendline joining 21st november and 24 november low,you will get 15 december candles well within this trend line.(Refer Nifty post by Abhishek Singh CMT , i have mentioned it )
Now on Daily chart if you draw trend line by joining 21st November and 5 dec low , 15 dec candle will break trendline.
Thanks for asking your doubt ,Got something on trendline.
Keep on posting .
iamvaibhavkr
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@MehulJain3a,
Yeah exactly maybe he doesn't like sharing.