- SP 500 has given another bullish formation in 5 minutes this time.
- Bullish pennant has given a break out.
- Although the pennant is not a perfect one. This will be positive for the bulls. As the break out will help the triangle break out in the larger time frame.
Dear San,
ReplyDeleteAgain, a very nice chart,because a nontechnical trader like me can easily understand it very well.
You have mentioned it that "Bullish pennant has given a break out."
For me now a days,when DOW has come up and trading above 10062 and our Nifty has come up and above 200 DMA and staying there,now Bulls have no alternative or option,but will have to buy more and more here to save their skin.They will and will have to push Nifty beyond or up to 5250-60,5300.Because....
At the time of correction,they will require this 200 to 300 points from 5020-5050 as a cushion to again save 200 DMA at that time.
Thanks for your guidance.
Dear mynac
ReplyDeleteThanks for your comments again. My first target for nifty is 5180. Beyond that dow and sp 500 should rally further for nifty to reach 5250.
thank you