Wednesday, October 8, 2014

Higher Time Frame (T/F) technicals have been weighing down on prices since 26th Sept...& now the lowest t/f shows signs of an impending pause..

Nifty Intraday Update-III

Nifty Intraday Update-II

The reliable "Relative Strength Indicator"....

Nifty Intraday Update-I

The reliable "Relative Strength Indicator"..

Prices have closed below channel & the critical 50 dsma -7908.

Prices have closed below DLEma during "downtrend" gathering momentum & the highs are not sustainable.
Downtrend in Day T/f  gains momentum, though week is still in trading mode till prices stay above "WLEma less 60". There will be sharp falls followed by corrective rises.
As the chart below suggests, prices are most likely to reach the weekly channel bottom as long as they are kept below "7945 & 7970".
More weakness manifested once hour technicals gathered downward momentum & broke "day Channel bottom" and closed below critical MT average 50dsma. (All these are happening in BN one day in advance, leading)