srikartiram

NIFTY retouching the breakout + RSI divergence (120 pts ahead)

Long
NSE:NIFTY   Nifty 50 Index
During expiry Thursday the market was highly volatile and closed at 10289 level.
Still the breakout dint failed, with a small risk can go long upto 10410

CMP : 10289
SL : 10239
Target : 10410

1:2 risk reward, almost 121 pts ahead with 50 pts risk.

Analyze :

1) NIFTY if you compare with my yesterday analyze, it has formed Engulfing at resistance, and today almost kind of a doji and closed near yesterday low

2) If tomorrow morning turns up and reached our target (10410) it will become a Morning star pattern and sign and breakout can give more heights

3) RSI bullish divergence i'm 15 min's time frame, that is really powerful.

P.S : Morning star at ressistance level is not that much powerful, so try to close the position as soon as target reached.
Trade closed: target reached

Comments

this is not the breakout from any angle i believe . it seems you are adjusting your lines because you want it to go up ..
+1 Reply
srikartiram EagleEyeTrading
@EagleEyeTrading :)

Please switch to 5 mins candle and see the breakout also RSI Divergence. At the end it is only my analysis any feedback is appreciated
Reply
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