#MarketUpdate - Bulls might halt journey so far, it's a Shooting Star ! ! !

Hi All,

As posted in the previous post, it's better to play safe after a nice bounce of almost 5%, and accordingly Nifty rose strongly yesterday, however took resistance near the life time high area of 11069 to 11172.

Moreover, Nifty has created a Shooting Star pattern on daily charts, which is bearish in nature, hence the gap up support near 10970-11000 becomes very crucial for bears, if prices sustain below the same, or may be 10940 levels, one can expect Nifty to drift down further. In fact today, it gave all its gains in the morning trades and went in to negative territory, however took support near the gap up window of 10999. (Chart below for illustration)

Long positions created (partial holdings) near 10630 (based on Bullish separating Lines pattern on daily chart) can be no trailed with a stop loss below 10900 levels.

In a nutshell, I would reiterate what we discussed in the last post about, BULLS, BEARS and PIGS. So let's try not to be too greedy about markets, let it decide its further trend, and then participate accordingly, till then be with proper money management....

Cheers

Happy Weekend!!!

#MarketUpdate - Love Triangle ! ! !

Hi All,

A different heading for the post right?, will tell you at the end why I named it like this....

However, as posted earlier last week in Ray of Hopes for Bulls, though expected a small bounce from 10630 levels, Nifty witnessed a sharp bounce of around 3%, thanks to Bullish separating lines, Supertrend support, Hourly Hammer and daily trend line support.

On the daily charts, Nifty is showing a breakout of the Triangle mentioned few days back (similar to ascending triangle, which is Bullish), and the target for the same can be near 11350-11400, which means a Life time high for Nifty. Refer the image...

So, as per that, those who are already long near 10630, as advised earlier, can continue their positions, with a trailed stop to 10795. However a fresh long position now, would not be advisable, as I personally feel, Triangles are good,  but only as a postmortem, as lot of times one needs to adjust the lines as per the movements (even the earlier post triangle had to be adjusted now), and usually prices tend to retrace back to the lines.

So any longs now should only be on dips, provided there is a supporting bullish evidence for it.

However, Nifty closing above the prior top of 10929.2, is a bullish sign, but importantly it should sustain these levels. Next pit stop for bulls can be near the psychological mark of 11k and then the resistances can be 11060-11125 and finally 11171-11200 which is the Life time high.

On the lower side supports would be near 10910-10860-10800-10710-10600 and 10550...

Now you would wonder, as to why I name this post as Love Triangle, that's because, as they say....

Bulls Make Money, Bears Make Money, Pigs Get Slaughtered, 

which means, the in fight of bulls and bears, participants with excessive greed, usually get slaughtered..., hence advise you all to trade with strict stop loss and dont trade with a supportive confirmation, either bullish / bearish

Cheers