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Support and Resistance

Nifty: Hot knife through Butter A complete “U” turn from the benchmark Nifty50 as it fell close to 2.5% in today’s session. No respect for the immediate support of (11,780-11,800) as the index cuts through and retraces gains of past six trading sessions. Thanks to this sharp sell-off one aspect is now confirmed - our rising channel has yet again proven itself as a strong source of resistance. Considering the underlying momentum with which the index sold-off today further slide towards (11,570-11,620) is very much a possibility now. As I was saying yesterday - keep your seat belts fastened as we head for some volatility. Trade Well. Trade Wise.
NSE:NIFTY1!Education
by Abhijit_Paul
Nifty: Nowadays Bulls take the Elevator tooNifty behaved exactly the way it was anticipated. A short-term dip, enough to get bears interested and create positions. And then bounced back sharply from close to anticipated supports at (11,750-11,800). I have drawn two rising channels on this chart, which I sense will now provide immediate resistances. Going ahead, I feel the index will face resistances from multiple levels like (12,000-12,100) and further upwards at (12,200-12,250). Strategically this is not the best state to go aggressively long. And to initiate short positions you need to be patient to enter and impatient to exit … easier said than done. On the downside, today’s low will be critical and only a break of this level will set in some selling impetus. I feel we are headed for some volatility now. Fasten your seat belts. Trade Well. Trade Wise.
NSE:NIFTY1!Education
by Abhijit_Paul
1
BANNIFTY - UNDERSTANDING CHARTS ( 6th & 7th October 2020)Second chart from the series of taking a look at the week that was in BankNifty. This week was very bullish trend in the market. This chart indicates the overall breakout of the BANKNIFTY from it's bearish trend. The previous two trading sessions have been studied in the below chart. October 6th Trading Session BULLISH MOMENTUM IS CONTINUED FROM THE PREVIOUS SESSION. MARKET OPEN GAP UP BUT PROFIT BOOKING SEEN IN FIRST CANDLE. SIDEWAYS MARKETS UNTIL 2PM SHOWING CONSOLIDATION 2PM BREAKOUT WHICH SETTLES ABOVE PREVIOUS DAY RESISTANCE October 7th Trading Session SLIGHT GAP DOWN IN THE OPENING CANDLE. BTST TRADERS BOOKING PROFIT IN THE MARKET OPEN. EVENTUALLY BUYERS WIN THE TUSSLE. BUYING VOLUME IS HIGH. PRICE BREAKOUT OVER THE PREVIOUS DAY RESISTANCE. BULLISH MOMENTUM IS SUSTAINED. PREVIOUS DAY RESISTANCE TRENDLINE TAKES SUPPORT IN THE FOLLOWING TRADING SESSION ENTIRE TRADING SESSION HAS BEEN ONE BIG CONSOLIDATION AS THE PRICE IS CLOSE TO THREE MONTH RESISTANCE. NOT ENOUGH BUYING AT 2PM FOR BREAKOUT, SELLERS WON.
NSE:BANKNIFTY1!Education
by jashjacob
Learn RSI Part 1 : Basic of Relative Strength IndexHello Traders, I am back with the new educational concept. You may have often heard the word "RSI" We are going to study about RSI : "Relative Strength Index", which is the most used indicator. RSI is the price following indicator and it provides important levels from 0 to 100. The important levels of RSI are 40-60, 70-30 and 50 ------------------------------------------------------------------------------------- Why do we practice RSI? There are a few reasons for using the most important indicator. 1.) It provides over bought & oversold levels. If RSI goes above level 70, we can say it has "overbought" and if RSI goes bellow level 30 we can say it has "oversold" Q.1 What is oversold & overbought? A: These two terms are extreme level when the price reaches this level, reversal is possible So shall we travel further? YES! Cool! 2) RSI gives us the direction of where the trend is going! I have added level 50 as an important level. So, if the price is below level 50, we can say that atmosphere is bearish and if price is above level 50 we can say that atmosphere is bullish. In short, Bearish below level 50 Bullish below level 50 It is better to draw a horizontal line at level 50, to have a check on it easily! We will continue the series it will cover the divergence and many more indicators. --------------------------------------------------------------------- If you have any doubts, you can put them in the comment section below.
NSE:SBICARDEducation
by Trade-Technique
16
ADANIPORTS ANALYSIS200 DMA is a great simple strategy which provides good RR trades such as this one. The idea here is simple. Markets tend to be range bound 80% of the time, which is called the contraction phase. The other 20% of the time the market is breaking out, called the expansion phase. To win the game, it is important to understand the probabilities and play the probabilities. For the price to breakout above key resistance levels and breakdown below key support levels, there has to be a catalyst that enables this to happen. The catalyst can be macro-economic news, good/poor earning reports, breakout of war, elections etc. Such news comes about often but is still rather rare. Range bound trades enable a higher probability of success and lower risk as the stop loss that one can place is closer to the price. A breakout trade on the other hand will have a stop loss on the other extreme of the range, increasing the risk significantly. Hammer pattern which has been formed on this chart is a good indication of a a fresh bearish move starting. It shows that the higher prices have been rejected yet again. DM me if you have any questions and LIKE if you found this helpful! :)
NSE:ADANIPORTSEducation
by ArcherDAVIS
Dow Corrective Wave B and C PendingDISCLAIMER:There is no guarantee of profits nor exceptions from losses. Technical analysis provided on the chart is solely the personal views of my research. You are advised to rely on your own judgments while taking any investing/Trading decisions. Past performance is not an indicator of future returns. Investment/trading is subject to market risks. Seek help of your financial advisors before investing/trading. Just for educational Purpose
TVC:DJIEducation
by Niftydirection
DAX Corrective Elliot Wave looks to be StartedDISCLAIMER:There is no guarantee of profits nor exceptions from losses. Technical analysis provided on the chart is solely the personal views of my research. You are advised to rely on your own judgments while taking any investing/Trading decisions. Past performance is not an indicator of future returns. Investment/trading is subject to market risks. Seek help of your financial advisors before investing/trading. Just for educational Purpose
XETR:DAXEducation
by Niftydirection
Reliance Correction and Market GeometryThis is called Market Geometry. Reliance in correction mode. B retraces 50% of A and usually A=C or C is bigger than A by 161.8%. DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The investment advice provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading. --------------------------(((((LIKE)))))-------------------------------
BSE:RELIANCEEducation
by Niftydirection
2
INTRADAY TRADING PSYCHOLOGY (near LONG TERM SUPPORT/RESISTANCE)I come across many times when people fall in trap when they see breaking of long term support or resistance in intraday by merely seeing on small timeframe (TF) like (1-5 mins). I suggest those friends to wait for the confirmation of such breakout on higher timeframe like 15-30 minutes atleast. In this example I would like to make you understand this psychology and how you can make most of it in intraday trading. Bharatforge started falling right from the beginning and broke its long term support at smaller TF and you can see how they trapped the bears. (You can see many examples like this on this day like which I traded in PEL (Horizontal support 1300) and BPCL (Trendline support) We could have initiated a countertrend trading when it came above the support but that I will not recommend if you are not pro. Instead, bharatforge formed a beautiful double bottom at this support (bullish piercing candle pattern as well). So, this trade becomes high probable with first target to swing high. SL to be maintained below the support. So, in intraday FIND SUPPORT / RESISTANCE and FIND PATTERN. This way you can make consistence profit. Thank You. Happy Trading
NSE:BHARATFORGEducation
by Retailer_ki_dost
8