Daily Line Chart
- 38.2% retracement of rise from 3918 to 5182 @ 4699
- target of range break from 5182-4921 is 4660
- .Neckline of inverse head and shoulders @ 4655 to 4706 (have made this range as shoulders are a little uneven.
- 61.8% retracement of rise from 4353 to 5182 @ 4669
- Daily line chart shows important support on ;ower trendline of rising wedge at 4665
Oscillators are oversold on daily charts and a bounce is due. Weekly oscillators have moved down from overbought territory. The weekly Rsi14 has broken low made in July . Corresponding low of Nifty is 3918.Weekly Macd has given a sell.
The trend is now down and the strategy should be to sell the rallies from now on.
Happy Trading !!