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!!!!
Related Readings and Observations
EURUSD Forming W Pattern – Short term Outlook – FEB 2017 EURUSD is consolidating on the monthly and Weekly timeframe and negative sentiment prevail there. However on the Daily charts trading sentiment turned positive. Since the start of FEB 2017 […]
Possible Head and Shoulders Pattern in Nifty
Nifty hourly charts shows the formation of head and shoulders pattern with head forming around 4700 and Shoulders around 4600 zone with Neckline supports at 4350. Target […]
India’s Stock Market: Nothing “Random” About It Every day, the mainstream financial experts attempt to explain away fluctuations in stock market trends with some "fundamental factor" du jour, all of which boil down to this: good news […]
Nifty Range Bound Between 2650-2800
Charts shown here is the last 10 days shows the range bound session for the past 10 days. It is very easy to formulate the strategy for coming days. If any of the day […]
MCX Gold Hourly SDA2 Trend Trading Chart – 29 July 2011 MCX Gold Hourly charts with SDA2 Trend trading buy or sell signals has been published in the marketcalls for the very first time. Updates will be continue with SDA2 trend trading charts […]
Backtestable Open Range Breakout ( ORB ) Study for Amibroker The main challenge with the classic ORB Study for Amibroker is that it generates too many signals on the intraday charts and backtesting is not possible with such a study. This problem has […]
Sir,
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
@Manish,
In the above Setting RSI is 5 and EMA ( RSI(5) , 3) is applied over the RSI