Nifty Futures: Analysis

Three signs of strength witnessed on this chart:
1. Shortening of the thrust -- Price breaks the lows but there is not much follow through.
2. Ease of movement in three up waves as price bounced back from 14250 support zone.
3. Higher lows formation under 15000 as psychological flat resistance zone.

Two signs of weakness:
1. Price breaks out of 15K zone, which is good, but range of the bar is narrow and volume is below average.
2. Price turned back below 15000 mark signaling failure of breakout, so looks like an upthrust.

# There is not much supply as the price retraces below 15k level again, signaling not much sellers are present but I will look at volume at the end of day. So it is yet to be confirmed.

To resume the uptrend -- A close above 15050 will provide confirmation.
In case of lack of movement on the up side -- it may retrace back to 14300.

Hope this volume spread analysis 'll help you to take better trading decisions.
Regards
JJSingh

Comment:

Nifty gapped up on Friday; showed strength and closed out of the range which is positive.
For short term: Next potential resistance could be 15330-50 and then possibly 15500.
Support would be at 15040-50 and then 14900.