NIFTY Hour Trend update
- It's a correction in an up move as long as 4900 - 4920 levels are not broken. Beyond the correction may get deeper.
- An ascending broadening wedge pattern is getting formed. Pattern is not complete yet 3 touches on the resistance and support line would make an effective pattern. Its a bearish pattern target on break down would be the starting point of the supporting trend line.
- Important support in hour chart is at 4916. Breaking the trend line and 4916 level on closing basis will favor bears.
San,
ReplyDeletei am short.
may u suggest to book profit lvl or to hold?
regards,
dr. hitendra
San Very good analysis.. thanks a lot
ReplyDelete@Hitendra
ReplyDeleteMorning low was a good place to book profits. If that level 4938 is taken out again we may see profits extending for bears. As i said in the post i see this as a correction in an up move as long as 4900 holds.
Booking partial profits close the day's low and trail the rest would be a correct strategy.
Price breaking and closing above 50 day sma again will make the bears weak.
@SAM
ReplyDeleteThanks
Seeing ur 240 mins chart prompt this ;
ReplyDelete"The remarkable number 1/89
www.geom.uiuc.edu
The following remarkable fact was discovered by Cody Birsner, a student at the University of Oklahoma, in the fall of 1994. The discovery arose out of work for a term paper on the Fibonacci series";
Indian market timing = 4 times 89 min + 19 mins;
IS IT POSSIBLE to look/investigate if 89 mins chart give any INTERESTING out look ????
Thanks
PS: U may just ignore my "Utopian" idea, if u pl.
@lalitlk
ReplyDeleteThanks for the info Sir,
I would try to do an analysis. If i find anything interesting will share it with everyone.
@San
ReplyDeletePermit me to quote:
"...mere desire to satisfy curosity"...it wud not be out of place to mention
"BASIC research is performed without thought of practial ends".
God bless you