- Nifty futures may pause around 5568 region. 5568 is where the line chart channel top comes.
- Any close above this area would be very positive for the bulls.
- But till it is broken we should consider this as supply zone.
September 6, 2010
- Time to book some profit. Or trail it if you want greater profits.
- The GAP is still intact in hour chart.
CHART - II
- Nifty futures has gone above 5500 as discussed below.
- Now NF has created a gap in hour chart. We have to see if it is a runaway gap or it gets filled today.
- Those who are holding long position should keep 5508 as stop loss.
CHART - I
- Nifty futures hour chart gave this pattern on Friday.
- This pattern in hour chart should take NF well above 5500.
- This post is to show a simple trading method of price crossing a major moving average works.
- Sometimes it is as simple as the cross over on the left side of the second chart. But sometime it takes one or two attempts before price takes a new direction.
- In this case nifty has given a whipsaw But if the high's are not taken out in a hurry another test awaits the moving average.
- As shown in the first chart price violated the supporting trend line once. But if gets violated again then price may cross the moving average.
- Exxon Mobil Corp is trading in a triangle formation in daily chart.
- Stock is moving towards the upper end of the triangle formation. If the stock gets resisted here and takes a dip towards the lower end of the triangle it would set up for a perfect triangle breakout or breakdown situation.
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