Weekly Charts of Reliance closed below fresh 4 week low. Also top formation
witnessed in weekly charts. Symbols alarming for next week. Also when nifty
and reliance makes historical circuits…. truly reliance whas leading nifty by that time.
After hitting circuits, a day later nifty was trading near 4200 and reliance near 2400 levels. And currently nifty is trading above 4300 but reliance is trading near 2040 levels
1)Reliance(market leader) is underperforming Nifty. And as per dow theory it is a sell for next week
2)As per Donian chain rule Reliance closed exactly below 4 week. Which is an alarming event.
3)Nifty also witness a three week top formation pattern. Short term upside should be used as an exit for the market.
4)13 EMA supports near 4474 broken last week
5)Daily Supports comes near 34 EMA(4189). Next level of support comes near 3950 levels.
5)Daily Chart forms Bearish rising wedge pattern
5) 10 day Trin is trading above 1 but at oversold levels…. this is confusing me
about the downside. Rest everything looks bearish.