Nifty on Steroids...
In such gloomy days why is the market going up?
What is in store for the small retail traders?
For investment one has to do fundamental analysis.
But, for making a living out of trading one has to follow the trend blindly. Whatever be the cause of the markets going up just now, whether it be an act of manipulators or anyone, we need to ride on...
If Nifty breaks the 12th June low of 9544 then it'll be either an ABC wave pattern or wave 3 beginning.
In such gloomy times how the market is going up cannot have a simple reason. Therefore I don't want to say whether bears
would be in control or Bulls. Rather wait and watch. To give a reason behind market movements is not the job of technical analysis traders....
The Fibonacci weekly retracement levels are at 0.5
On the daily chart the 1.2 fibonacci expansion is in confluence with the 0.5 retracement.
In my opinion the present rally might be over and the prices might retrace from thereon i.e. 500
Is the V shaped recovery on charts a 'FAKE' Rally?
Markets can stay irrational longer than you can stay solvent.
As we see record unemployment numbers in the world, with economies all around the world locked down, with all signs pointing towards a long period of economic uncertainty for businesses due to the COV19 situation...
Some indices and scripts continued...
Reliance is at a good resistance levels with the previous high and 1.0 expansion levels.
Resistance is not a prediction but an indicator as to the prices would either revert down from these levels or would thrust upside. MOB = Make or Break