Half Hourly Chart
Daily Chart showing rising wedge
Daily Chart
- We have twin dojis on daily charts.
- Yesterday's lows held and highs were scaled by just a whisker.
- The Nifty is moving up in a rising wedge and the lower trendline has been broken but there is a only a sideways movement till now. Anticipate a sharp fall if continues to trade below the trendline.
- Oscillators on Daily charts are strong but intraday charts continues to show negative divergence.
- The neckline of the inverse head and shoulder show in green is proving strong resistance.
- Nifty maintains for the third consecutive day, the breakout from the downtrend line drawn from all time highs shown in green on daily charts.
Resistance and support levels marked on charts.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
5 comments:
thanks
MAM I THINK FOR TAKING NEW POSITIONS ONE SHOULD LOOK FOR CORRECTION- OR BUY ON DIP . ITS WISE TO TRADE LONG AS MEDIUM TERM TREND LOOKS BULLISH AS OF NOW. IF WRONG THEN KINDLY CORRECT ME.
till 3918 holds on a weekly basis we could buy on dips
Lord Keynes said, “When the facts
change, we change; what then do you do, Sir?” To us,
the one great fact is price, and when the price is
moving against us it is we who are wrong, not the
market. It is our duty to “get right” with the market…
and so we did, surviving for yet another day. There is a
great lesson here for those willing to learn it and that is
that there is nothing wrong with being wrong, but there
is much wrong with staying wrong, and there is even
more wrong with getting “wrong-er.” Class is now
dismissed!
well i take positions with a slightly longer term than a day to day. Also ther are many ways of trading what with all the derivative tools available.It also depends on what periods you are trading. I first of all did not understand whether you are saying i am wrong or whether you meant something else. In any case it depends on the time perspective and so many other factors. I am putting up my daya to day views.It is upto the reader to interpret it from his/her trading period perspective.
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