Tuesday, October 7, 2014

Trend following has its utility and makes trading easy for the patient followers...

Nifty Intraday Update-II

The reliable "Relative strength Indicator"

Nifty Intraday Update-I

The reliable "Relative strength Indicator"

Correction for the last fall unfolding after which downtrend resumes...

Prices continue to close between HEma & LEma but owing to "downtrend", the highs are not sustainable.
Downtrend in week/ Day T/f does not have momentum besides having "month in uptrend" makes the prices correct in stages. There will be sharp falls followed by corrective rises.
As the chart below suggests, prices are most likely to reach the channel bottom as long as they are kept below "8040 & 8100".
For more weakness to manifest, Hour technicals should gather downward momentum & break "day Channel bottom".