Nifty Futures has been on a rising trend right from the beginning of this Month. It started its current rally on the 18th of July and has not looked back.
The Longer Time Frames - the Monthly and Weekly do not show any kind of weakness.
In the Monthly and Weekly Time Frames, it is One-Time-Framing Higher.
In the Daily Time Frame, it is trending higher with some corrections. From the second half of July to date, it has formed six Upside Gaps. An unprecedented pattern.
The rally has been marked by continuous buying by FIIs starting from 18th July.
The going has been good so far.
Today, it has formed a Black Hanging Man on the Daily chart.
This could signal a possible change in the trend.
FII buying or selling will also be a key factor.
The reversal could be sharp - taking out some of the 6 gaps in one or two moves.
The Longer Time Frames - the Monthly and Weekly do not show any kind of weakness.
In the Monthly and Weekly Time Frames, it is One-Time-Framing Higher.
In the Daily Time Frame, it is trending higher with some corrections. From the second half of July to date, it has formed six Upside Gaps. An unprecedented pattern.
The rally has been marked by continuous buying by FIIs starting from 18th July.
The going has been good so far.
Today, it has formed a Black Hanging Man on the Daily chart.
This could signal a possible change in the trend.
FII buying or selling will also be a key factor.
The reversal could be sharp - taking out some of the 6 gaps in one or two moves.
Comment:
Gap no. 5 filled. Now onto Gap no. 4
5 Gaps remain.