Nifty Analysis - Stance Bearish ⬇️
Recap from yesterday: “Our stance is still neutral with equal possibilities in either direction. Since Nifty50 is following the ascending channel’s top trend line — the chances of going up look more probable. To go down — we need news flow/event as there is no technical weakness.”
4mts chart link
The gap up open today and a thrust upwards gave the false impression that we might have an up day. What happened on the contrary was a breach of the trend line. See the circled portions on the chart. At 09.47 the attempt was unsuccessful but at 10.51 the support gave away. Once we breached it, the price action started to pick up momentum.
63mts chart link
The breach of the upper trend line of the ascending channel is quite visible in the higher time frame. Ideally, it is not a pure bearish signal as we are technically still in the bull market. We are changing the stance to bearish from neutral for the ultra-short-term only. If Nifty50 manages to crawl back up the top line - we will have to reverse the stance to neutral. In case Nifty manages to fall further - it will be interesting to see how it reacts to the bottom line of the channel.
Recap from yesterday: “Our stance is still neutral with equal possibilities in either direction. Since Nifty50 is following the ascending channel’s top trend line — the chances of going up look more probable. To go down — we need news flow/event as there is no technical weakness.”
4mts chart link
The gap up open today and a thrust upwards gave the false impression that we might have an up day. What happened on the contrary was a breach of the trend line. See the circled portions on the chart. At 09.47 the attempt was unsuccessful but at 10.51 the support gave away. Once we breached it, the price action started to pick up momentum.
63mts chart link
The breach of the upper trend line of the ascending channel is quite visible in the higher time frame. Ideally, it is not a pure bearish signal as we are technically still in the bull market. We are changing the stance to bearish from neutral for the ultra-short-term only. If Nifty50 manages to crawl back up the top line - we will have to reverse the stance to neutral. In case Nifty manages to fall further - it will be interesting to see how it reacts to the bottom line of the channel.
@viswaram
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@viswaram
관련 발행물
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.