Minor bounce happened @ 100 dsma & from the "Falling Wedge" support & prices closed above "most LEmas" suggesting a pause in downtrend.
Break out point @ 7872 coincides with JNSAR of the day.
As the chart below suggests, prices are most likely to reach the weekly channel bottom and it will happen in stages of falls & rebounds..
ST strength continues above Day.pivot(7774) & Wk.pivot(7811).
Hour chart's "Contracting triangle" with prices oscillating between these two ranges while technicals reaching highly oversold region with +ve divergences poised for a break out above 7870.
Clster resistances are in the region of "7912-28" and then at "7970".
Since the fall from 8180 to 7724 is a 3-wave fall, the retrace could be "any %"..
Know the direction...know the retracement & make the trades..
Break out point @ 7872 coincides with JNSAR of the day.
As the chart below suggests, prices are most likely to reach the weekly channel bottom and it will happen in stages of falls & rebounds..
ST strength continues above Day.pivot(7774) & Wk.pivot(7811).
Hour chart's "Contracting triangle" with prices oscillating between these two ranges while technicals reaching highly oversold region with +ve divergences poised for a break out above 7870.
Clster resistances are in the region of "7912-28" and then at "7970".
Since the fall from 8180 to 7724 is a 3-wave fall, the retrace could be "any %"..
Know the direction...know the retracement & make the trades..
12 comments:
Namasthe Master & Blogmates.
Wish all Long life, Good Health, Peace & Wealth.
Good Morning Dear Sir, Bros. & Sis's,
Have A Happy Day.
Relieved to find this page opening. Was tense.
GM Sir and Friends.
Sgx nifty at 7950.
Prabhanshu Raman said...
+ww triggered at 7766 in 15mins. 1-4tgt line comes at 8000+. Sl as usual a close below 7766 in 15mins
October 17, 2014 at 1:12 PM
Abid G,
Sorry, I couldn't respond 2 ur query as I was on a trip.
Y'day evening only i saw ur query.
By that time U got replied by Prabhanshu ji.
Also refer to Master's reply 2 Sudhanshug24's query given today morning in previous post.
Happy trading.
Namaste Ilango Sir and blog friends
LV
Guru ji charan vandan
Good Morning Sir & JN Family
GM Master and All...
Daily chart that we missed in google finance...
http://www.niftytrader.in/nifty-live-chart/
good morning master
Prabhanshu what is +ww ?
Prabhanshu what is +ww?
New Post Done.
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