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MCDOWELL_NHELLO EVERYONE, You all can see the beautiful and clean chart of NSE:MCDOWELL_N on a Monthly Pivot-Point TimeFrame, where the following observations are crucial to note down and understand! -> Inside + Narrow CPR Setup depicts that the price movement for this month of April can be "Trending" which usually suggest a breakout or breakdown of a range-play formation near the Reversal Camarilla Levels (H3 and L3). -> Open of the month was above the monthly CPR but the close of the same candle went below to close below the CPR suggesting a weakness of trend and now the CPR will initially act as a resistance whenever the price retraces back towards the CPR. We would have saw further bearishness if the price would have taken down the Cam L3 level in the similar formation as discussed above. -> After a retrace from ML3 we see the rejection towards the Monthly CPR initially and then comes the breakout of the CPR with a fresh month high which now indicates the strength of responsive bulls coming into the script. -> After the breakout the phenomenon of "Pivot Swap" can be seen where the price after the breakout takes a dip towards PIVOT (M) and proceeds higher after that which depicts that the CPR which was initially acting as a resistance will now turn into support and proceed for Cam H3 Level and break of the MH3 will initiate the long trigger for the initial target of MH4 and and then MR2. This was a very basic understanding of how you can plan out your trade in case of Narrow or Inside CPR but as the term BASIC is mentioned in the statement it denotes that these setup are very volatile and have to superimposed with a range-play formation for smooth results. Will continue to update this as we proceed with the auction!
NSE:UNITDSPR
by PivotMinati
9