WELL FLAG AND POLE SEEMS TO FORMED CONSIDERING LAST WEEK PRICE ACTION.
LATE THIS WEEK SEEMS TO BE H&S PATTERN AND WITH PARALLEL CHANNEL IN PROCESS FORMED.
BREAKOUT OF LINE 1 WILL COME AT 2 AND THEN 4
BREAKOUT OF LINE 2 SEEMS TO BE 0.236 BREAKOUT OF FIB LVL WHICH MIGHT BRING TO LINE 4 0.328 FIB WHICH WILL FILL THE GAP AS WELL
BUT IF THE BREAKOUT OF UPPER...
AFTER 5 JULY MARKET GAPPED DOWNED WELL THAT MIGHT ACT AS RESISTANCE FOR A WHILE OR MAYBE WE WILL SEE PROFIT BOOKING?
LOOKING AT FIBONACCI LVLS 70% MATCHES THE GAP AS WELL.
IF TODAY'S LOW IS BROKEN THEN GAP LEFT WE WILL BE FILLED (9.20.19)
LET SEE WHAT HAPPENS TOMORROW.
well looks like nifty is following the resistance and support.
looking at the pattern at recent support we might see positive opening.
also gap is filled at 10850 lvl.
THE BIG QUESTION IS WILL NIFTY FOLLOW THE CHANNEL OR NOT ?
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)
LOOKS LIKE 10850 LVLS IS CRUCIAL LINE FOR NIFTY.
WELL BREAKOUT OF RESISTANCE LINE MIGHT TAKE NIFTY TO 11450 LVLS
WHEREAS BREAKOUT OF 0.5 FIBO LVLS MIGHT TAKE NIFTY TO IT'S PREVIOUS SUPPORT OF 10600 LVLS.
SO WHATS ITS GONNA BE FOR NIFTY?
HERE ARE GAPS LEFT MADE BY NIFTY WHICH NEEDS TO BE FILLED. WHEN THEY WILL BE FILLED?
I AM STILL NEGATIVE ON NIFTY UNLESS NIFTY TOUCHES 11000 LEVELS ALSO WE MIGHT BE LOOKING AT BOUNCE BACK AS WELL.
BREAK OUT OF PARALLEL CHANNEL AND SUSTAINING IT WILL LEAD TO BOUNCES BACK.
MAKE YOUR TRADE ACCORDINGLY.
NIFTY has closing in gap which was made during pre budget rally. We have the opportunity to trade the GAP setting 11400 has first tgt and support of 200 EMA has 2 tgt. Make your positions according to your target.
Use this strategy strictly in weekly time frame and take your position only when you get confirmation of sell signal. You can short 1500-1540 strike price calls also time is on our side as well.
Thank you MALKAN SIR for this strategy