SENSEX : an INTERESTING broadening channel has been drawn on
SENSEX chart
With SENSEX failing to cross 17687 on closing basis even
after a big positive candle on Tuesday is not a good sign.
Watch for the LOWER END of the drawn channel to work as
support if the down move initiates again.
A CLOSE below 16343 will be the first sign on NEGATIVE MOVE
coming up as such a CLOSE will clearly negate the BULLISH SETUP that the up
move on Tuesday created.
NIFTY: missing 5378 by a few points on TUESDAY and then not
able to produce a follow up move is a cause of concern
But the positives of TUESDAY will be NEGATED ONLY if NIFTY
closes below 5255 in a day or two.
STOCHASTIC position is an issue as well , as it is in
overbought zone even on WEEKLY CHART.
BROADENING CHANNLE has been drawn on NIFTY CHART and if
NIFTY CLOSES below the LOWER END one must liquidate longs.
1 comment:
Sir,
Very good analysis but it shud be 17343 in place of 16343?
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