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NIFTY : RISING STAR PATTERN.Three trading session before nifty had formed hanging man bearish pattern after two days correction ,yesterday's star formation and today's green long candle seems like rising star pattern. But this pattern had formed very quickly. So sustainability of it is in question. Today's closing is near support line after breaking it two days before. So trade is cristel clear. Above trend line if trade for 1 br it's long entry if nifty break support line and remain below it for 1 hour trade is on short side with Sl oof high or low as case may be.
NSE:NIFTY
by Trendz9
DOW ; Next 35KPreviously it was bearish view on DOW, but after break out of resistance and continuously trading above resistance line. Dow completed h & s pattern, traded above neck line and again break down neck line force to keep bearish view on DOW. But on 27th June Dow took support of 20 dema which crossed 50 dema on same day forced to change view from bearish to bullish. After looking previous pattern Dow traded it seems that adow may complete shark pattern, which target is placed at 35 k. Confirmation will come when Dow starts trading above neck line which is placed at 34200. Next week data will affect Dow performance. If. Data is in favour of market then Dow will break neck line and continue its journey to 35 k. If data is negative then Dow may retrace below support line . If it happen then Dow can come up to 32 k.
TVC:DJILong
by Trendz9
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DOW COMING TO INTRENSIC VALUEIf we see Dow on monthly basis then we see 1. Parallel channel from 2016 moving in upward direction. 2 Wave A,B,C,D & E completed. 3 Wave 1 2 3 4 completed and now wave 5 is in progress 4 Index is moving downwards along with lower high trend line which is crossing short term support line from 2017 onward at wave 5. On Dec 18 and Oct 22 Dow had reversed its downtrend, had not yet came below it. Since this line is crossing lower high down trend line at wave 5, it had become strong support line. Here Dow value is within long term channel and so it is within intrinsic value. We have discussed why channel is known as intrinsic value channel earlier. And from todays candlestick formation which is not able to cross lower high down trend line, seems to break support line @32600 and trying to touch 31600 support where it complete wave 5 Here Triangle B also gets completed. So completion of triangle pattern and wave 5 @31600 makes this level very important. Conclusion Dow is slowly coming to its real value. Right now it is trading with extended value.
TVC:DJI
by Trendz9
Dow Above it's Intrensic Value.On 15th June Dow had given big green candle stick, and in a single day it touched long term resistance line (yellow line on top). Second yellow line is upper end of uptrend channel which started from 2017, and Dow is trading above it. (Marked with red Circle ) Previously too Down had traded above uptrend channel and after few days again came in line with channel. This uptrend channel is consider as intrensic value . If we compare it with inflation index then we see that inflation index too keep rising in uptrend only. I have never seen inflation index graph running down. Hence Dow value also keep rising along with inflation index and uptrend channel is formed. Any trading above this channel is consider as above intrinsic value and any stock or index has to come to it's value. This is importance of channel drawing long term channel . Right now Dow is above channel and is consider as above intrinsic value. Last analysis it was said that above uptrend channel index is not tradable, and we see in very next day Dow started loosing it's sheen. Trade if to initiate is on short side. Also said if shorts are open, to cover if Dow trade above channel or keep hedge. That seems to be working. Righ now shorts can be initiated as Dow is trading above intrinsic value. It's not easy job, only who are well versed with Future and option can trade shorts with hedging if necessary on their own risk. Rest can sit on sideline till oppertunity arise. This analysis is made on economic basis and for knowledge purpose and not for trading.
TVC:DJI
by Trendz9
Nifty Futures 22nd June 2023 EXPIRYIt would be very interesting to observe what happens when 1. Price opens within the range marked of Red, Blue and Green Lines. 2. Price opens below / above the range but within the range of the previous day 3. When there is a Gap up and Gap down opening. If You are studying the charts in lower Time frames and observing price action, Let me know in comments your observations on the points 1,2 and 3 mentioned above. Keep Following for LIVE UPDATES
NSE:NIFTY1!
by SABMR