Tuesday, August 26, 2014

Nifty, after a sell on rise mode, rose from opening lows, got sold to reach DLEma, as in trading mode, & closed firm.

BN's chart shows a 4th wave done from 14709(Nifty's 7540) with a break of the Hour channel & reversing back into the channel. Hence, holding retrace point of the last rise from 7862 is critical for making a new high.
The Bar chart shows prices closing at day's high while yesterdays bar shows closing at day's low. This suggests of a keen tussle.

Nifty Intraday Update-I

Thank you for your wishes and prayers.

Nifty Pre-Market View.

On completing the "Catch-up-with-averages", prices resumed their upmove but could only whipsaw the broadening top.
Prices managed to stay above "21/ 34hr smas" initially but fell down later and closed below 21 Hr sma but just above 34 Hrsma.
The -ve divergences in Hour technicals resulted in the sharp fall and have closed below DHEma. That is sell on rises...
If prices are able close above DLEma at EOD, trading mode continues.
If prices are able close above DHEma at EOD, trending mode resumes.
If prices are able close below DHEma at EOD, trading mode continues.
Once you start to see 3,4, (3), (4)'s, it is trading time..
Broadening top's resisting line coincides with 80% of the fall from 7968 to 7898 at 7954.
(My health is failing; my blogging will slow down - It is time for you to apply your first observations which is generally unadulterated to gain confidence..)