Close below the TRENDLINE would pull Bank Nifty further down near the Base of the Triangle formed - and the Lead indicator alsois in favour of it.
If supported then, a very Big upmove is possible as the pattern is an Inverse H&S with slope tilting dwonwards. The Breakout will be very sharp.
ANALYSIS FOR JULY 20:
Nifty did not show strength in the upmove yesterday terminating at 50% retracement at 5258. The Breakout from the Falling wedge (CLICK HERE) was resisted by a channel.
Week Chart:
The Lead indicator has turned down and the break down of the Low of 5170 would be a channel breakdown, below Week 5 EMa, Day LEMA and 100 DMA.
With an EOD close below the week 5EMA 5220 and Day Lema of 5209, Nifty would get Bearish. The Longs are to be terminated at such a juncture.
Sell @ 5165 ranges with SL 5190-5220 EOD close.
| Developing Week Levels | |
| CLOSE | |
| PIVOT | 5223 |
| HI EMA | 5266 |
| LOW EMA | 5143 |
| 5 EMA | 5220 |
| 10 EMA | 5179 |
| PrevHigh | 5258 |
| Prev Low | 5169 |
| CHECK LIST-DAY | |||
| CLOSE | 5243 | 5 SMA | 5215 |
| PIVOT | 5245 | 5EMA | 5229 |
| HI EMA | 5253 | 10EMA | 5237 |
| LOW EMA | 5209 | 13EMA | 5234 |
| prev HI | 5258 | 20 Hr MA | 5215 |
| prev LOW | 5233 | 50 Hr MA | 5241 |
| 10 DMA | 5256 | 100 Hr MA | 5268 |
| 20 DMA | 5235 | 200 Hr MA | 5195 |
| 100 DMA | 5167 | ||
| 200 DMA | 5093 |
3 comments:
Request you to draw trendline of weekly banknifty upper trendline from 13301-11203
@ Nilesh,
I have given the weekly Bank Nifty Chart for you. Thanks a Lot for pointing out the Longer Perspective.
Thank You Mam. I m confused so request you. I m not that much expert as you in trendline.
Post a Comment