Daily Chart
Half Hourly Chart
- Inside day on the daily charts showing indecision.
- Flag formation on half hourly charts indicating breakout may be on the upside.
- Half hourly oscillators moving down towards the oversold region after showing negative divergence.
- Daily stochastics in sell in overbought region and Rsi14 weakening before reaching overbought state.
Tomorrow's direction will be set by break of the inside day range of 5147-5092. Above 5147 expect 5180 and below 5092 expect 5050. Enter new longs only on dips or breakout from the flag formation.
Stop loss would be 5070-5050 range.Longs with a slightly longer term view could place their stops at a close below the up trendline from 4675.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
5 comments:
So early mam :)
How is your nephew... hope OK.. and wish to hear the same.
Regards
thanks for the concern sujatha. the treatment has just started and will take time. so have to be patient
Hello Mam,
I follow your blog daily. Good to see this technical analysis here. I am a small player and good to see your support/resistance level. I was looking to confirm whether we made any inverse H&S pattern in nifty and you picked it which I couldnt see in other blogs.
Thanks and keep giving ur inputs.
Regards,
Amit
Nice analysis.
The inside day on daily has been termed as indecision? Is this not a bearish engulfing pattern which shows bearishness?
I do not know what has happened to ur nephew but my good wishes to get well soon.
amit check a few earlier posts for the inverse head and shoulders. anoop bearish engulfing happens when the earlier day is engulfed by the real body of the present day.and thanks for ur good wishes for my nephew who has bipolar disorder
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