Price has breached a key support. what it does on a revisit would be crucial intel. Let's wait.
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The price congested at the lower parallel of the fork and is at the medianline now. Price is struggling at the medianline which is just #Andrews101. We need a breakout to suggest a rally to upper parallel. The rally to the upper parallel is my preferred case scenario. 8780-8800 is the area where I would expect some resistance in the Nifty.
Note how we zoomed today past the middle magenta line at 8680-odd level. I would prefer a retest of that zone. But that is not a compulsion. But mark that level as it would offer an entry one way or the other pretty soon.
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Notice how price came back to retest the Magenta line today. This was a scenario highlighted in the update that was posted 3-days ago.
I mentioned: "that level would offer an entry opportunity one way or the other" and have a look at the updated chart below. Price bounced off that line today.
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The green line at 8,730-ish level is the one to focus now. A breakout via a green WRB (wide ranged bar) would be a sign of strength and could open up a rally to 8,837-ish level.
A failure or a selling tail candle at 8,730 would have bearish implications.
Wow !! look at the chart now. back to where we were when this was posted 22 days ago !! The magneta line is a real magnet !!
ktp
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but why 75min chart ? something to learn ?
techtrail
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75 mins breaks the daily trading time in 5 equal parts. hourly would create a problem because of odd timings we have from 9.15 Am to 3.30 PM. Hence, to get a slightly broader perspective for day trading, this time frame helps.
mvrrajan
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@techtrail, How to mark75 minutes. i am not seeing in popup.
santhu908
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How to mark and see 75 min candle chart in zerodha