Starting this week, I will no longer post "weekend update". Instead I will simply post the weekly chart of nifty every Friday and write my comments. I am anyway following this notation for monthly and yearly charts.
The primary benefit is that it helps me focus solely on the price action while ignoring the Y axis.
So here is the weekly chart... trend is clearly still up unless we form a lower swing high.
As you can see, this is the second week of higher high higher low formation. I have also shifted the swing low from 7700 to 7950 spot... this should come in handy if we have a sudden reversal on weekly charts.
In other words, consider trend as up as long as market strade above 7950 spot.
The primary benefit is that it helps me focus solely on the price action while ignoring the Y axis.
So here is the weekly chart... trend is clearly still up unless we form a lower swing high.
As you can see, this is the second week of higher high higher low formation. I have also shifted the swing low from 7700 to 7950 spot... this should come in handy if we have a sudden reversal on weekly charts.
In other words, consider trend as up as long as market strade above 7950 spot.
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