As posted on 8 Aug in this link SHORT TERM VIEW , NIFTY started correction and on Friday it took support almost near the breakout trend line. Now if holds above this trend line and Fridays low, there are chances that once again it will try to resume its up trend.
As posted on 8 Aug only in this link LONG TERM VIEW , it has been clearly mentioned that " As
shown in the chart above there is one more resistance line on weekly
chart, near which NIFTY is trading right now. So actually if NIFTY gives
weekly close above this trend line, and also weekly close above
previous swing pivot i.e. above 5350 ( to be precise above 5348.55),
very much strength will be added to this up move ".
But nifty failed to close above this long term weekly trend line, in fact it got resisted and formed bearish grave stone doji at this trend line and started correcting.
So as of now long term trend is slightly bullish to sideways, so unless and until it gives weekly close above 5350, long term investors should not buy.
CAUTION:- The blog writers are also
learners of technical analysis and the view mentioned here are on blog
writers knowledge and inference of technical analysis, so readers are
advised to take advice from expert financial advisers or do there own
research before taking any decisions.
One more thing we like to mention:- in
technical analysis you have to change your views according to future
price action or pattern development and writers of this blog may or may
not be able to update changed views.
DISCLAIMER: This
Blog is meant for sharing our trading and investment ideas only and no calls to be
taken as trading / investment recommendation. Visitors please do your own
research or consult your advisers for safe trading, investing.
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