Similar to Nifty we can also see the bearish pattern in bank nifty as well. Sell range is between 27632 - 27656. Observe the price action near the range before making any short entry. Wait for the price rejection in the given range.
As per last one month KLSE index trading in range of 1680-1720 just below 61.8% Fib retrenchment level of rise from July-18 to Aug-18.
If index trade below 1700 level then fall to 1670-1660 level.
Volume addition in selling suggest major delivery based selling happening.
ASCENDING TRIANGLE BREAKOUT IN NIFTY INDEX
HOURLY CHART BREAKOUT RELIABLITY IS LESS AS TIME FRAME ANALYSIS
HENCEFORTH TRADE WITH CAUTION
PREFER OPTION TRADE TO LIMIT LOSS AND MANAGE THE VOLATILITY.
BUY 10800 CE @60 (NOV)
NOTE:A TEST OF 200-DMA IS POSSIBLE IF BREAKS THEN HOLD ON FOR 10930 LEVELS
MACD ABOUT TO ...
This chart looks at the DAX index from Germany.
It may be creating a Bearish Head&Shoulder topping pattern at at 13500.
2 day consecutive closing below the neckline of 11950 should be a confirmation.
We must wait and see.
The daily chart of USD/JPY is currently in a downtrend.
The pair witnessed a strong buying action from the values of 105.
Now the pair is currently hovering around its 200 day moving average.
Earlier the pair was in the process of head and shoulder pattern but it was negated by the buyers.
We expect the buying pressure to further intensify once it crosses the ...
Holding on to life Nifty after a big U turn today. Is holding 10780 levels.. break below this bears will be in control of the dalal street and if it opens slightly gap up .. it might stay flat. Focus on specific stocks for movement over all market might be flat.
NSE:NIFTY Nifty Spot currently trading @ good support zone. A: 61.8% Retrace of Fibo (Drawn from right to left) B: Gap up level. C: Previously double top level.. So watch how Nifty trades at 180/220 zone. Price action is the key. Not predicting anything here. It should show some hesitancy @ current support level before making its mind.
Reasons to Short:
Negative Global Sentiments.
Resistance + 61.8 Golden Ratio.
I intentionally left blank the SL and Target levels, because of every trader has its own way of entry and exit.
Always Chart Speaks a lot..
Sensex formed nice double top with -ve divergence on RSI & started its downmove.. It has already broken imp supp lvl arnd 31500, similar to nifty lvl of 9700 supp.. Now will sensex reverse & mark as false breakdown or nifty will follow sensex to break 9700 & head to 9500 lvls (Sensex 30750-800).. Interesting moves ahead... my bet is ...
Bank nifty is been in channel since months, and looking at it seems like its leaning towards the downside and looking for the next corrective move since Jan 2017. Also the RSI indicates Bearish Divergence.
It may bounce from the current levels, but sooner or later it will break that channel and we dont have to miss that move. If it breaks the channel now, we shall ...
The downtrend (if I may use this term) which started last week from almost 23K levels, seems to be playing out with lower highs and lower lows. The gap down of 17th May was been closed. The retracement was precisely from 0.786 Fibonacci levels.
Here we have a rising channel which if taken out on the downside, will continue the downfall below 22700-22650 ...
I believe we are in secular bull and extension of 5 of V of (5) would do around 12000 before any major trend change, yet I believe we are overbought on current levels and some profit booking is due which pull index in region of 9000-8900 levels close to 38% retrace. Yesterday , Global Index got slaughtered , expect nifty to open weak.
Trade your own ...
We are looking at a 8 year Nifty IT chart
Lets see what the chart is trying to tell us...
- Between 2009 to 2015 the price has risen from 1933 levels to 12908 levels
- Since Jan 2009 till March 2015 the index has been making higher top higher bottom
- It is only after March 2015 that the index is seen making lower top lower bottom on a regular basis