- Oscillators showing mixed signals . Stochastics once again in sell mode before reaching oversold zone which is bearish. But the RSI14 is above the 50 mark once again.
- Uptrendline from 2539 broken for the fourth time .Today too nifty failed to move above it
- 5 dema continues to be bearishly aligned .
- Support taken on neckline.
- Bearishly viewed, the neckline is getting hammered since 19th June making chances of a breakdown higher.
- Bullishly viewed, the neckline is getting hammered since 19th June making the foundation stronger and proving buying at those levels.
- Third consecutive day of lower high and lower low.
Intra Day Chart
- All oscillators are positive.
- Price below uptrendline .
- The moving averages are moving up to get bullishly aligned.
- Though the day ended up the moves which took it up did not give a positive feeling as momentum on the upmoves is lacking .
- View the half hourly chart and at a glance you will be able to see the sideway movement that the nifty is making.
Should we wait for the rising wedge target of 3925 or the inverted H&S target of 4530? So, I am neutral on the market and would like to continue the remaining longs with a proper hedge since the weekly charts are yet to signal bearishness by closing decisively below 4143. This will also confirm break of neckline of the Head & Shoulders top formation I have been mentioning.
A request to keep usernames closer to your names as I hate rejecting requests for registration at the discussion forum. Like i mentioned earlier, I have had to delete registered boarders due to spamming and so have decided to register only authentic looking registrations.
Repeat the address of the forum : http://www.vipreetsafetrading.com/forum
Happy Trading !!