September 12, 2016

Nifty Trend update

  • If one sees the left side of the weekly candle the Topping process took its time. 3 Bearish attempts to form the Top. Price for now is approaching this same resistance zone. We may not know for now if this is a topping process or a consolidation in an up trend which is followed by a breakout on the upside. One has to wait for followup price action to confirm. The up trend will be in danger if week starts to close below 8500 levels.
  • Many Technical analyst including me can see a potential Double top being formed in Month chart. But If the Mass starts to believe in this pattern early there could be new high's to trap Weaker bears before the real correction starts.
  • For now though the weakness May take price towards the GAP between 20 and 50 Day SMA as shown in Daily chart.
  • Bearish pattern of S&P 500 Futures
  • NIFTY Hits the Line of Weakness

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