RIL Futures A Good Trade In The Morning!!!

The chart below is of RIL Futures 25 minutes, before I proceed let me be very clear that this chart is purely for illustrative purpose. What I want to show here is that if followed carefully, momentum (you can use any of your favorites) can signal some good trades. The chart is self explanatory and gave a good trade. RIL Future can reverse from here and might give us a good CNH formation; a valid breakout will only come if we trade above 1190 with volumes. Remember technical analysis is more of an art than science! If you are a serious student of TA then I suggest you read the book by Martin J Pring titled Martin Pring – On Market Momentum. Hopefully in one of future posts I would summarize some of the important points on how Pring would like us to see and interpret Momentum, still it will be a good idea if you buy and go through the book.

"To be a great champion you must believe you are the best. If you're not, pretend you are."

Muhammad Ali