Nifty Weekly Charts is shown with 5EMA High-Low indicator applied on top of it. Nifty is trading for the past two weeks between the 5EMA High and 5EMA low on the weekly charts. Currently the 5EMA High is at 5454 and 5EMA Low is at 5248. As Currently nifty is trading very close to the weekly support zone. Breaking this support zone on weekly basis is dangerous to hold deliverable stocks on hand. Nifty is still in the buy mode on the weekly charts however strength of the trend will be maintianed if 5248 doesnt breaks on the Weekly timeframe.
Rajandran R Follow Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)
Nifty Weekly Charts Review with 5EMA High-Low Trading System
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One Reply to “Nifty Weekly Charts Review with 5EMA High-Low Trading System”
Nifty is stable and 5248 zone is still now protected on the EOD basis. This is the condition for maintaining Bullish View on markets.