July 27, 2016

Nifty chart analysis

  • First chart shows the spike out of the range and price falling back into it. As the trend is strong we cannot confirm this as a false spike out of the range as yet. Bears can gain strength only if price breaks and closes the week below 8476. Only a close below 8476 can change the price action in Day and Weekly charts.
  • Month chart is about to complete 5th positive month unless something drastic happens in the next few days.
  • After all those bullish charts i am still looking at the negative divergence. Trigger price for negative divergence is 8476. If price stays above it then sideways to positive trend will prevail.

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