The Daily Drama;
As you can see from the chart below the NF traded in a tight range as there was no clear clues from the East as well as the West but what it did BEST was to hold its ground !!!. In the intermediate uptrend which appears to hold water so far the NF tried and tested the resistance provided by the confluence of 20/200 EMA and still held above the 50 EMA.
The best trend identification ; sequence of high and higher high accompanied by higher low is still visible on the daily chart and like I said above so far the intermediate uptrend holds water....
Another thing I want to point is that there seems to be a hint of Hidden Divergence (Bullish) on the daily chart as marked on the chart with red dotted lines.
The Hourly Picture;
The hourly shows that the GAP that NF filled was the reason it was subdued. Price action does test and retest gap areas. Plus here also you will see that small redline was the 200 EMA on the hourly charts.
The 15 Minute Break;
The chart below lucidly illustrates the concept of old supports turn to resistances.
So if one were to see what does one get????
Well you get the broader view, the hourly will give you support and resi levels to plan your trade and the 15 minute chart would give you the entry !!!
Its a buy between 7780-7800 with an immediate target of 7830 which might stall the move up for sometime and would require a push accompanied by volumes. Above that its NF's play ground or I must say its upto the Bulls to show their Mojo!!!.
Howsoever a break of today low might result in a sudden 50 pointer drop before any buying comes in.
I have always stressed that its not important to trade daily or trade for the sake of trading. Whatever one does he or she shall make sure as soon as you place your trade, the next second one should place the STOP !!!!
As you can see from the chart below the NF traded in a tight range as there was no clear clues from the East as well as the West but what it did BEST was to hold its ground !!!. In the intermediate uptrend which appears to hold water so far the NF tried and tested the resistance provided by the confluence of 20/200 EMA and still held above the 50 EMA.
The best trend identification ; sequence of high and higher high accompanied by higher low is still visible on the daily chart and like I said above so far the intermediate uptrend holds water....
Another thing I want to point is that there seems to be a hint of Hidden Divergence (Bullish) on the daily chart as marked on the chart with red dotted lines.
The Hourly Picture;
The hourly shows that the GAP that NF filled was the reason it was subdued. Price action does test and retest gap areas. Plus here also you will see that small redline was the 200 EMA on the hourly charts.
The 15 Minute Break;
The chart below lucidly illustrates the concept of old supports turn to resistances.
So if one were to see what does one get????
Well you get the broader view, the hourly will give you support and resi levels to plan your trade and the 15 minute chart would give you the entry !!!
Its a buy between 7780-7800 with an immediate target of 7830 which might stall the move up for sometime and would require a push accompanied by volumes. Above that its NF's play ground or I must say its upto the Bulls to show their Mojo!!!.
Howsoever a break of today low might result in a sudden 50 pointer drop before any buying comes in.
I have always stressed that its not important to trade daily or trade for the sake of trading. Whatever one does he or she shall make sure as soon as you place your trade, the next second one should place the STOP !!!!
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