FII's have started to sell after 9 days of buying- a consolidation within the major uptrend.
Prices, however in the short term, have closed below two key ST averages. (As long as prices close below these, technicals remain weak; only a close above it would reverse the ST trend)
The ST direction is "biased Down"(but oversold & attempting a bounce), as long as prices stay below 7522-33 & close below these two key averages (21 or 34 hr smas).
The strategy that has worked consistently well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL". Adapt to it.
Aggressively Holding below 7536(3-Hr Low), Conservatively Holding below 7570(DEma), downtrend continues....
Aggressively Holding above 7425(WLEma), Conservatively Holding above 7385-95(MHEma/50DSma), minor rally likely....
Prices, however in the short term, have closed below two key ST averages. (As long as prices close below these, technicals remain weak; only a close above it would reverse the ST trend)
The ST direction is "biased Down"(but oversold & attempting a bounce), as long as prices stay below 7522-33 & close below these two key averages (21 or 34 hr smas).
The strategy that has worked consistently well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL". Adapt to it.
Aggressively Holding below 7536(3-Hr Low), Conservatively Holding below 7570(DEma), downtrend continues....
Aggressively Holding above 7425(WLEma), Conservatively Holding above 7385-95(MHEma/50DSma), minor rally likely....
17 comments:
Good Morning Sir & All Friends.
Pranam llango Sir and All Family Members
Good morning ilango sir and blogmates
GM Sir and friends
Good Morning Dear Sir, Bros. & Sis's,
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Sadar Pranam
GM All.
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Gm Master & Blogmates
Prices reached Pre-Mkt's support at 7425-33(7431)
We now have clean retrace of the last 5 wave up move from 7441 in shorter time than formed
goodmorning illango sir & blog mets
BN not able to go above 21 sma in 2 mins chart ...
@ deepak
thanks for pointing out
Sir, low made 7426, also falling wedge can be seen in 5/15/30 mins chart...oversold as well....minor bounce on cards now?
Good Morning Sir & Friends...
@ Prabhanshu Raman,
7444 7440 ... is 50%-61.8% retrace of the last rise from …… 7427 to 7460
80% is - 7434
If strength to return again, it should be around 7444 7440
Weakness gets confirmed Below 7440 OR 7434
New Post Done.
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