The corrective fall from 7841 to 7540 showed a distinct 3-wave fall.
The fall from 7752 to 7540 was labelled with 5 sub-waves.
We, hence, looked for a retrace upto 7664-75, above which market could rally anywhere and it broke past the resisting trendline, again at 7675.
The reliable 9-Day rsi suggested of a reversal from its critical support which now depends on prices holding above 7631-40(50dsma) in the coming days. There is also a fast rise set up developing between 5 & 50 dsma.
Strength has returned with prices closing above 50 dsma @ 7631-40 and would continue staying above 7700, 2-Hour Low.
Minor resistances are in the region of 7762-76, above which 7799-7809.
(Last rise retrace considered from 7699 after Nifty makes a newer high above 7757)
16 comments:
Good morning ilango sir and blogmates
Good Mng Sir and Friends
Good morning sir
Namaste Ilango Sir and blog friends
LV
Sir
BN update
GM Sir and Friends.
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Sir, yday the stocks which i have seen yday have made positive divergence on hourly chart but closed below dhema, dema.
What we shd take away from this scene.
Last time i had same query for negative divergence and you suggested that it may be sell at R1 and R2. The same is applicable in case of positive divergence and it can be buy at S1 and S2?
Good Morning Dear Sir,Bros. & Sis's,
Have A Happy Day.
Good Morning Ilango Sir and All Friends
voltas
Can anyone provide analysis on SBI. Falling again today,
BN at 78.6% retrace for yesterday's fall. Strength if holds 15000 61.8% level.
sorry, 61.8% is 14988.
GM Master and all!
Bulls moving with high hopes. aggressive writing at 7800PE
Range developing between 7600 and 8000.
http://www.niftytrader.in/nifty-live-change-in-oi/
New Post Done.
@hitendra sbin has strength above 2398 and its making its bottom....and its future rate, one may buy above 2370...
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