“And every hour of every day I'm
learning more
The more I learn, the less I know about before
The less I know, the more I want to look around
Digging deep for clues on higher ground...”
The more I learn, the less I know about before
The less I know, the more I want to look around
Digging deep for clues on higher ground...”
(UB40 “Higher Ground”)
That’s what everybody is doing; the bears digging for clues
to fall and the bulls for clues for higher grounds!
The Weekly chart:
1. Price in clear uptrend. Higher
highs and Higher lows structure intact.
2. The three key Ema’s bullishly
inclined and trending upwards.
3. Approaching key resistance zone.
Price overextended from the nearest EMA.
4. A weekly close above 8650 would
be keenly watched for a fresh breakout.
5. No reversal in trend on weekly
charts till 8400!
The Daily Chart:
1. Clear uptrend albeit with lot of
unfilled gaps below.
2. Price overextended from the EMA’s.
3. In the last few days Nifty has been
doing Time corrections rather than Price corrections to bring up the nearest short term Ema.
4. The indicators below showing
signs of reversal but no confirmation yet from the PRICE!
5. Daily reversal on the daily chart
comes if nifty breaks 8470 and closes below it.
We rallied on BREXIT, we rallied on REXIT, we rallying on
MONSOON and we rallying on GST! It’s the earning season so stock specific moves
are there. Smallcap and Midcap PE’s are High! Do we really need reasons??? No! A
technical analyst trades on his charts, a news junkie trades on news and a
fundamental guy trades on value.
