As we can see in the chart Nifty's recovery from the bottom was range-bound and before every up move, it consolidates and will shoot up. As of today's End of the day chart marked inside a rectangular box, Nifty consolidated for the last 4 sessions and ended up at day high. Nifty has strong support at 10740-750 region below that very strong support at 10690.
Brothers, Om Namah Shivay
The moon phases study against the price of Nifty in 15 min candle. The output and study is more promising than the part 1.
4 Phases of the moon are marked on the chart. Some days, the day is a holiday, which is marked explicitly.
Just for educational/reference purpose.
Om Namah Shivay
Refer part1 of the study from below
Brothers, Om Namah Shivay
The moon phases study against the price of Nifty.
4 Phases of the moon are marked on the chart. Some the time and day are not within the trading time, which are marked explicitly.
Some days, the day is a holiday, which is marked explicitly.
Just for educational/reference purpose.
Om Namah Shivay
WILL THE GAP BE FILLED
I AM ACTUALLY WAITING FOR FRIDAY 13.3.19 MEETING. WHAT IS GOING TO BE OUTCOME.
FOR A WHILE NIFTY LOOKS RANGE BOUND IN HOURLY AND DAILY TIME FRAME.
ALSO NIFTY WILL SET NEW DIRECTION IF 200 EMA RESISTANCE IS BROKEN AND TAKEN SUPPORT ON IT (TIME FRAME HOURLY)
Nifty spot can be sold below 11830 with stop loss above 11880 for target 11770- 11735-11700. Logic is that 3rd support doesn't emerge at trendline that means it was not a trendline and it is expected to continue downward journey. H&S as a continuation pattern can also be traded.
On 6th March 2019, Nifty break its strong resistance of 11020, now it move towards its next resistance wall of 11120 & 11250 if in upcoming 3-4 sessions(Specially Weekly Closing) it closes above these levels then it clearly move to break its old High of 11760 which needs energized fuel to pump up. So what are this energized fuel? No comments on that time will...
On the daily chart it seems like its time for a correction.
- Dojis & narrow range candles with low volumes
- If this is a H&S pattern then perhaps the neckline level is achieved and it is heading for the shoulder
- RSI/Price divergence on 1hr/30min charts
- SL could be above 10700
Ref to my 30min chart dated 23rd April 2018
Nifty is afloat clearly because the Mutual Funds cash is soaring and they got too much capital to drive the market but then again this also calls for a crash like situation when they decide to sell and then the real fun starts for the traders not so much fun for the investors though.
One can go long if Nifty manages to close above 10250 and we're in for a good...
