Weekly Chart
Doji
at 5439, crucial resistance of the 50% fibo level of fall from 6338. A
50% retracement implies indecision.Therefore if the high made on Friday
at 5427 is not scaled we may safely assume that another leg down may
have started.
Weekly Chart II
The
crucial resistance at the pink neckline is at 5456 where a doji has
been formed showing hesitation in continuing with the uptrend.
Weekly Chart III
The
stochastics has reached an extreme overbought position.With the Rsi14,
which measures the speed and change of price movements showing
strength above the 50 level the Nifty may go into a sideways
correction.
Weekly Chart IV
However
the downtrend may resume as has happened on the appearance of a doji on
weekly charts as shown in the chart above.Watch for a lower top candle
being made.
Daily Chart
A
sideways correction is on since last week with a rising wedge
formation.Only a fall below 5319 will bring in a good correction.
Half Hourly Chart
Till the 5076 level is broken the uptrend is safely on.Levels marked will help decide your stop profit /stop loss level.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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