A doji followed by a small red candle, followed by a shooting star, after a upmove. Plus, MacdH seems at its peak, while Stochastics has given a negative divergence on Nifty fut EOD chart... too many indications to a correction.
On weekly charts, Momentum indicators Rsi, Stochastics and MacdH, all have given positive divergences. But, the price candle is a small green doji with a low of 5155.
On the other hand, Bank Nifty has almost made a gravestone doji candle on its EOD charts, suggesting weakness.
To sum it all, I believe that we may witness a correction in the coming session. Below 5198, Nifty may tank further down to its 5 EMA at 5162. However, if Nifty breaches the low of prev weeks candle at 5155, we may further see a bear rally upto 5138 or further down.
Trading with negative bias will be easier. A very happy New Year and Happy Trading !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
Subscribe to:
Post Comments (Atom)
Posts
well, i dont know to read mandarin, but I believe this means you agree with my analysis. thank you !!
ReplyDelete