Nifty is sliding sideways for the past few days....!
is trend seems to be changing!!!! Let try to evaluate the chart!!!
Divergence is indicated by MACD & RSI. Nifty made higher high, MACD ia making Lower High & same seen as per RSI indicator. Same divergence was seen in june to sept month but market turned positive after small correction. As we always have seen divergence as a indication of change in trend and now again we can expect a correction in market from current level. But till what level????
First support can be seen on the ascending trendline.
Second at 55 days EMA.
Be cautious in the market now for medium term.
This is hourly chart and same situation have arise here but market if take support at the level of ascending trendline which lies at 5870-5880 then we can see some support so wait and watch for this level before going long for short term.
This is my personal view and i am not recommending for any trade. Please consult your adviser before trading.
Regards
is trend seems to be changing!!!! Let try to evaluate the chart!!!
Divergence is indicated by MACD & RSI. Nifty made higher high, MACD ia making Lower High & same seen as per RSI indicator. Same divergence was seen in june to sept month but market turned positive after small correction. As we always have seen divergence as a indication of change in trend and now again we can expect a correction in market from current level. But till what level????
First support can be seen on the ascending trendline.
Second at 55 days EMA.
Be cautious in the market now for medium term.
This is hourly chart and same situation have arise here but market if take support at the level of ascending trendline which lies at 5870-5880 then we can see some support so wait and watch for this level before going long for short term.
This is my personal view and i am not recommending for any trade. Please consult your adviser before trading.
Regards
Thanks for the posting Rinkesh.
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