Nifty: A Correction Might be on the Cards

12 thg 6, 2017

Refer my previous post to understand the broader chart and basic structure of the market.

The hourly chart reminds me of a famous quote -- History never says Goodbye, It says see you later.
Whenever Nifty breaks above previous top/peak, the price lately retraces back to the breakout level (notice this behavior ever since the index has been gyrating in sub-channel 2). If it is to happen again the index may slide down with in the downward sloping channel to test 9530-9550 zone, which is a nice confluence point of static as well as dynamic support lines and hence can act as potential support. However, a strong move above 9710 would negate this hypothesis.

#Never trade breakouts, trade pullbacks. Never risk more than 1-2% of your capital on a single trade.

Thanks

12 thg 6, 2017

Ghi chú

Chart displaced slightly while posting. A peak is missed but purple levels are the peaks only.

12 thg 6, 2017

Ghi chú

12 thg 6, 2017

Ghi chú

Here is full chart.