- Inside day range of 5092-5147 not broken, but an outside day occured, which is bearish. An outside day is when the day's candle completely encompasses the previous day's candle. It must have a higher high than the previous day and a lower low than the previous day.A bigger range though would have been more emphatic about trend change.
- Consolidation/distribution has formed an equilateral triangle which is visible in half hourly charts.
- Daily oscillators giving mixed signals- stochastics in sell and has moved below 80 level, Rsi14 above 50 line but not showing strength enough to move into overbought region, macd is moving up above zero lin in buy mode.
- Half hourly oscillators show continued weakness.
- All moving averages are bullishly aligned on the daily charts.
- Obv has crossed the previous peak indicating Nifty could cross it's peak made at 5310.
The trend however is up . So continue longs with a stop loss of 5050 . Longs with a longer term view should wait for a break of the uptrendline from 4675. New longs to be taken only if breaks out of the triangle on the upside.
Happy Trading !!