- First chart shows price taking support on a trend line in daily chart and getting out of the descending channel pattern. MACD is about to give a buy signal, If you see the recent long and short signals of MACD in daily time frame has worked quite well.
- So it will be safe to go long above 20 day moving average.
- Last chart is the weekly time frame which also favors bulls.
- Week will turn negative only on a weekly close below 129.58
- QQQ Short term is looking bullish.
- Price having taken support at the support line of the consolidation pattern can move up to 59.30 level next week provided it does not fall below 56.57.
- Stochastic indicator in daily chart is coming up from oversold level which might help bulls to continue the momentum of last three days.
- So one can try a long trade with 56.57 as stop loss.
- Price has closed near 50 DMA and in weekly chart at 20 Week moving average. So look for a daily close above 50 DMA for going long. If price gets resisted at 50 DMA we may see a fall.
- Nifty has formed a Bullish candle. The long shadow shows buying at lower level. This may continue into the beginning of next week.
- Price has closed above the weekly trend line shown in earlier posts.
- MACD Bars and price in daily chart has been diverging for quite some time now and has resulted in a bullish breakout. Crossing 5490 - 5500 and closing above it will take nifty to 5600 and above.
- But Positional bears will be safe as long as price remains below 20 week and 50 week moving average. Bearish cross too seems to be working in their favor. This bearishness may get changed if nifty trades above 5700 levels.
