sir high is 7353 not 7320
Hi Illango Sir,This is the first time i am posting on this blog and this might be a stupid question however need your help to understand better... 1) The text which reads "100" Reading is Bullish however the RSI on that specific day is almost 0 which is Highly Oversold. What is the significance of "100" Reading is Bullish. Please clarify my doubt. 2) In today's one of the updates you also mentioned that if NS closes above certain level RSI will be 100, doesn't that mean it's highly Overbought and some Cool Off is required. Google Finance chart also shows the same.RegardsRajesh Verma
Hi Rajesh Verma,That's an microsoft excel limitation which takes 100 to 0. Read it as 100.
NamasteILANGO SIRGood Evening Blogmates.....................................
Hi Sir, Chetna, Shri, Seniors.By looking at RCOM daily chart, it seems still there is chance of more upside movement (based on MACD and RSI => not in overbought zone)Today's high is golden ratio of the fall from 164.65 to 106.75. 80% comes at 153.I can see that there might be resistance to the upmove at 143.90 (support turns into resistance) and then at 155.My question is for re-entry in RCOM. Which values/retraces/indicators I should look at to re-enter.
Namaste Ilango Sir & Blogmates, Bullish with Caution: Profit booking seen at higher levels, though the index is comfortably placed above all moving averages, but PCR below 1 and resistance developing around 7400-7500 level could be a dampener moving forward....: Option Analysis for 20-05-2014Dedicated Option Open Interest BlogDuplicated at Wordpress SiteThanks & Regards,Sanjay Kr Jaiswal
@rajesh vermasourav has clarified point 1about technicals being overbought y,yes they are in overbought territory ...master has mentioned this too "rsi suggests REACHED OVERBOUGHT ZONE" however in a strong uptrend technicals can remain in overbought for long time...if you search through prev posts in this blog ...when this breakout from consolidation occurred ...master has mentioned the point about overbought technical in strong uptrend
http://tradeinniftyonly.blogspot.in/2014/03/nifty-intraday-update-iii_7.htmlsirs comment on stochastic staying above 80 during strong uptrend