Pharma is an interesting sector to watch out for the rest of the year 2018 as Nifty Pharma Index today touched the psychological reference 10000 levels and also managed to close above 10000 levels which are also fresh 2018 year to date high. Interestingly Weekly sentiment turned positive in the pharma sector that brings more medium-term bullish momentum in this counter. Monthly Sentiment too holding positive for the last two months which brings long-term bullishness in this counter.
E-mini S&P 500 future derivative contract is based on the underlying S&P 500 stock index(US Market). ES-Mini is showing an interesting structural pattern when comes to market profile with trend reversal odds. The structural pattern also reveals the significant risk in holding to the longs as the short term inventory goes long to too long.
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Nifty Futures closed with a negative note despite evading Turkish Lira and Chinese & slowdown fears. USDINR is currently trading around 70.30 hits a fresh all-time high on 16th Aug 2018. Nifty Futures trading sentiment and market profile sentiment holds negative with immediate short-term resistance around 11450.
Everyone likes to catch trend earlier. How to recognize and monitor the changing trend much ahead of your competition? When the price is testing a psychological reference most of the traders are in active mode. This tutorial explores how one can access the odds using the market profile with a greater conviction where short-term trend reversal happens close to the psychological reference.
The “moving average” is a technical indicator of market strength which has stood the test of time. Over 30 years ago, Robert Prechter described this indicator in his essay, “What a Trader Really Needs to be Successful.” What he said then remains true today:
When it comes to order flow, many newer traders tend to think of interpreting volume information and identifying where big volume happens. It is much more than that, and it really helps intraday and short-term traders to understand the nuance behind how markets facilitate order flow. Here is a short online webinar which gives a brief introduction to Orderflow, trading strategies using Orderflow and the other nuances involved in order flow.
Nifty Futures finds its resistance around 11505 levels and on Friday trading session both indicator and profile trading sentiment turned negative. Momentum sellers controlled the day which makes the trend positionally down towards the next stop zone 11386 and the previously unfilled gap reference 11180 and the G2 Low reference 11117 levels.
The Turkish lira fell to an all-time low against the dollar. The lira tumbled 15.63% against the dollar on friday to 6.4323 from the previous close. The currency — which has lost more than 40 per cent of its value this year — was 18.5 per cent lower at one point on Friday. Turkish stock market index – Borsa Istanbul 100 ended -2.23% at Friday close. Year to Date stock market index is down by 17.68%.
International Gold is in consolidation mode since 16th of July 2018. Currently trading in a very tight band largely trading within a $10 range over the past week, with the price respecting the $1206 and $1216 levels. Broader range compression ranges from 1205 – 1230 levels in the last one month. The compression in the gold is getting so long on the 4 hourly charts which mostly ends up in a larger price action move.
Nifty Futures end on Friday with a strong bullish note. Profile Sentiment turned positive however indicator sentiment maintaining negative which brings the odds of sideways to downward markets. Call writers are still active at 11400 and 11500 strike price which puts an immediate EOD resistance at 11400 in Nifty Spot.
Nifty Futures broke above previous all-time high 11185.6 on last Friday. So previous all-time high becomes immediate support now in a very short term. Trading sentiment holding positive for the last 5 trading session. Put writers are active at 11000PE and call writers are aggressive at 11400 hence in a very short-term trading range could be in the band of 11190-11420. Markets could play a ping-pong game here (sort of consolidation) before giving any major directional clues.