Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Nifty Weekly View for 19 JAN – 24 JAN

25 sec read


 

This is for those who believe in 5 EMA and 2 Period RSI trading system,  And as of now it is clear from the weekly charts that after a 4 consolidation weeks(Top Formation) as explained in Simple Nifty View  , nifty started moving down on weekly basis which is positively the confirmation of negative trend with weekly resistance near 2892 and also the falling RSI-2(28.6) below 50 with negative trend shows that more painful days in coming weeks.At any point of time the maximum upside is limited to 31 EMA on closing basis

which is 2913 as of now.

The Picture is very clear. Dont try to trade against the trend.
Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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