NIFTY : Current Spot 5680
What's next ?
500 points quick up-move from below 5200 has tossed most of the aggressive shorters.
Few great souls still holding shorts .
And with recent carnage over couple of months , going long is nerve cracking.
Skipping weekly charts , as all action is coming in daily with such a delightful volatility.
Only weekly 13 ema @ 5730 is my point of interest.
Daily : The downward channel drawn is broken to upside and a close above it.
But where are the volumes ?
As a rule , the upper end of the channel has numerous touchpoints (shown in yellow) making it stronger and stronger . A valid break out should attract immense volumes. I am skeptical about the last session up-move and its close.
Daily MACD barking to take a flight upward ,but lets not forget it's still below 00.
Where are my chips on the table ?
Its in SHORT side.
It may be today or in few sessions , if there is not any mammoth upside with volumes , all slow gradual boring flat sessions would eventually bring back the RED DAYS.
Stay short till 5730 (Weekly 13 ema)
Multiply Shorts below 5620 (Re-entry into falling channel)
SS
What's next ?
500 points quick up-move from below 5200 has tossed most of the aggressive shorters.
Few great souls still holding shorts .
And with recent carnage over couple of months , going long is nerve cracking.
Skipping weekly charts , as all action is coming in daily with such a delightful volatility.
Only weekly 13 ema @ 5730 is my point of interest.
Daily : The downward channel drawn is broken to upside and a close above it.
But where are the volumes ?
As a rule , the upper end of the channel has numerous touchpoints (shown in yellow) making it stronger and stronger . A valid break out should attract immense volumes. I am skeptical about the last session up-move and its close.
Daily MACD barking to take a flight upward ,but lets not forget it's still below 00.
Where are my chips on the table ?
Its in SHORT side.
It may be today or in few sessions , if there is not any mammoth upside with volumes , all slow gradual boring flat sessions would eventually bring back the RED DAYS.
Stay short till 5730 (Weekly 13 ema)
Multiply Shorts below 5620 (Re-entry into falling channel)
SS
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