Crude is nearing a very important zone here, Looking at last year's profile, we are appearing near a crucial low volume node ( marked in red zone).we should
1. either have a breakthrough the zone, then we are looking for a serious uptrend here or
2. look for a failure and a reversal from this area back into this years volume areas.
NIFTY - this is a good zone to look for some potential rotation or consolidation. will be prepared for the following scenarios. At this point we are hitting a red zone which has seen a bit of hold way back.. need to watch if that is respected.
On the downside.. the green zone which acted as a multi month consolidation should serve as a strong buffer for any pullbacks
NIFTY has been trading sideways on a larger timeframe, since we had broken down the longer term swing trendline.
From an immediate trading point the key inflection points are marked. have marked the zones. will follow through on this.
preference is to look for a downside break and a re test of 10680s once we manage to break outside the minor consolidation zone...
From a larger time frame context looking keenly at these 2 zones in the markets. Idea is we ride the trend on the upside as market evolves but be prepared for a failure at the upper zone for a potential reversal or a break out above that for another leg of move.
On the downside a break below the support areas, will lead to a potential correction and rotation back...
BNF: Not quite the directional clarity as we get into this session, probably today shd confirm it on either side. I'm looking for these primary zones
1. RE @ 27430-50 areas, trading above that a potential test of 27550 zones.Hold abv that 27680 is on.
2.swing RE @ 27550 areas, look for a short set up there.
3.Hold below 27250- rotation bk to 27100-130 areas
Sort of proved wrong in the last contrarian set up, but here we are not approaching the strong resistance zones of 2600-2630.. and unlikely to clear that easily. this could present some good contrarian ideas shortly.
The last time we discussed NIFTY charts, we arrived at two things. 1. the upper channel low acting as a resistance and 2. the lower ascending trend line holding up. we saw a bounce exactly off those levels.
This bounce again paused at the point where we have multiple highs, and yesterday's swing high and an engulfing candle is a confirmation of a potential...
Start of 2018, I had picked out Gold as the asset class of the year. Then Had a choice between Gold, Equities, OIL and then booming BTC to pick from. While Gold hasnt delivered it has emerged as the best performing asset class of 2018.
Coming to 2019- it looks like Gold is in a larger consolidation theme, ranging back to 2013 onwards. There seems to be not much of...
I have been tracking the longer time frame channel for NIFTY and that channel ( Red marked ) Have held on in the past on many corrections including the one that we had during start of 2018.
Now since the channel has broken we have pushed back to the lower end of the channel thrice, including the current peak, but have failed to break through.
Now in the past...
From here based on candle and volume profile information, Looking at 3 potential scenarios in banknifty in near term in coming sessions.
1. Breakout above 27200 areas - so buy on hold above 27200 areas
2.test of 26800 zones and hold - look for short term weakness to test 26800 provided a hold below prev day VAH
3. break below 26800 for test back to 26380 -...
NIFTY broke below a crucial reference point, more importantly it has a high at a pivot swing low ( remember the idea of supports turning into resistances) :)
well here is a low risk short idea looking for a 100% retracement of the swing- this points to a target of 10200-150. the idea is we had retraced fully the journey made from 10500-10950, form a box for that...