The Chart shown here is a 9 day hourly chart.
As Per this swing chart we are trending upwards only if we are able to close above
4303 and trending downwards if we are manage to trade below 4117 for couple of hours.
Upside Swing :
The previous swing high is 4207 and any trade above 4207 will target 4250 and
any trade above 4303 will target 4450.
Downside Swing :
The Current Swing Low is near 4117. Any trade below 4117 in nifty will target 4000 levels and almost no support below 4117… so even it may take to 3800 levels.
Also bollinger bands showing weaker signal as the candles closed exactly below the
20 period EMA and RSI likely to trending downwards as shown in the hourly
charts. Also as said earlier still the gap at 4090-4120 left unfilled in nifty futures which
20 period EMA and RSI likely to trending downwards as shown in the hourly
charts. Also as said earlier still the gap at 4090-4120 left unfilled in nifty futures which
will act as strong support
If you wanna learn some swing trade you can try out here
http://rajandran.googlepages.com/stratergyswing.doc
Happy Trading!!!!
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manish says
March 12, 2013 at 3:44 pmSir,
What is the RSI settings in above chart ?
What is settings like (5,E,3).
Sir I request you kindly told me detail about this settings,
because I am new in technical trading.
Thank you in advance.
Manish
Rajandran R says
March 12, 2013 at 4:48 pm@Manish,
In the above Setting RSI is 5 and EMA ( RSI(5) , 3) is applied over the RSI