Tuesday, May 20, 2014

Nifty continues its sideways mode to allow the averages to do "catching up"...


8 comments:

rohit jain said...

sir high is 7353 not 7320

MrVermar said...

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.

Regards
Rajesh Verma

Sourav Kundu said...

Hi Rajesh Verma,
That's an microsoft excel limitation which takes 100 to 0. Read it as 100.

mk said...

Namaste

ILANGO SIR

Good Evening Blogmates
.....................................

Prabhanshu Raman said...

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.

gs said...

@rajesh verma
sourav has clarified point 1

about 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

gs said...

http://tradeinniftyonly.blogspot.in/2014/03/nifty-intraday-update-iii_7.html

sirs comment on stochastic staying above 80 during strong uptrend

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