wwannabebull

wwannabebull

In my analysis of last week, I left out an important aspect which was cross-under of 5 EMA over 21 EMA. This meant that Nifty is officially in downtrend. Though there was a visible support channel, its significance gets diminished and chances of lack of upward movement get higher. I missed all this in my analysis and well, Nifty showed 4 red candled in the week. ...

wwannabebull

As described last week, level of 18,000 was did play a critical role as Nifty played see saw with that level throughout the week. The end of week saw a good green candle taking Nifty decisively above 18,000 level It is the green channel which matters now. Given the previous swing highs, I of course anticipate Nifty to breach the upper channel. The question will...

wwannabebull

Based on volatility behavior, I was thinking last week that market will swing a lot. But it may not be wrong to say that it remained mostly upward. Being a 3 day week, it is difficult to conclude anything anyway. The red channel is all that matters as of now. Since the larger timeframe (weekly) is still massively bullish, I would not be surprised if Nifty...

wwannabebull

I am no expert at wave theory but if this is onset of downtrend, then one more wave of reds is yet to come. Before that happens, Nifty may inch up a bit. On the other hand, if this is A-B-C type of correction, then this is mostly over? Anyways, this is a very short week and I wonder what can happen in 3 days especially when we have 3 big fat red candles in the...

wwannabebull

Last week’s prediction was a politically predict statement. It would not be fair to call it a prediction anyway. I said that Nifty could go either way after 2 days. I have been proven wrong as market chose the upside instead of downside. Someone has to name this trend which has existed post-pandemic. Should I name it the pandemic trend? I mean, even hurricanes...

wwannabebull

Last week’s prediction didn’t exactly go my way and Nifty went into a mild bullish mode. It was not exactly a surprise since Nifty continues to be above my green rectangle around 17400 level. Until that rectangle is cleanly broken, the bias is always going to be up Nifty is sitting nice and tight exactly around the mid line of the black parallel channel. I have...

wwannabebull

Exactly as written last week, Nifty cracked and kept cracking. The law of moving averages spares none and momentum indicators were really exhausted. The writing was actually very clear on the charts. Now the following is my analysis for coming week based on what I am looking at (You may want to open image in new tab or save it for better view) One might get...

wwannabebull

Exactly as written last week, Nifty did remain below 5 EMA for initial couple of days but resumed its uptrend subsequently. The reversal till 15 EMA did not happen. Even though Nifty is galloping ahead, the momentum indicators are exhausted now. There remain 3 parallel channels on my chart. The blue and green channels may only act as resistance from here on....

wwannabebull

RSI As Scanner for identifying price direction: Very Useful As Scanner For Trading with Trend: Useful As Scanner For Trading Mean Reversion: Not Useful Stochastic As Scanner for identifying price direction: Not Useful As Scanner For Trading with Trend: Useful As Scanner For Trading Mean Reversion: Very Useful Stochastic RSI As Scanner for identifying...

wwannabebull

Last week, I had written about 2 possibilities for mean reversion setups. Either momentum indicator keeps reversing or it makes a lower top while price makes a higher high. On Monday, Nifty gave an impression of former scenario. Wednesday, however, made it clear that Nifty was not done yet. The big red candle on Friday now leaves everyone in a perfect...

wwannabebull

Like I was anticipating, Nifty did have momentum. Nifty did reach top of my red rectangle. But what Nifty did next was not anticipated. It broke above the rectangle and ended Friday with a big green candle. This is a strong uptrend. It would not allow market to go low. RSI too does not have any divergence. Thus, market may continue to move up or stay around this...

wwannabebull

Being right is one thing, being right to the decimal is awesomeness. Nifty somehow traded exactly between the black lines which I drew for last week, though I would have preferred it to break 15650 and fall to 15450. But it does give me confidence in my technical analysis skills. The unanticipated surprise though was Monday with Adani news breaking the internet...

wwannabebull

Saying that Nifty has broken previous ATH would be a call made too soon. This week is crucial see if Nifty has broken the red resistance rectangle. Thus, scenarios for the week ahead… Consolidation (High probability) - Between 15500 and 15250 Downtrend (Low probability) - If breach below 15250; to drop till 15100 Uptrend (Low probability) - If breach above...

wwannabebull Updated 

#bearish setup: Seeing a diamond pattern in Nifty. It is seen when u have a head and shoulder pattern with neckline of V shape. Target is the length of top to bottom point of diamond with stop loss being above the last top inside the diamond.