... the Index is yet to generate faster retracement of its last segment of rally, break the month-long support area at the gap-up of 12th July and define a “downtrend” with lower top lower bottom formation.
Index, however, shows each subsequent rallying segment getting “smaller”, and drops “bigger”, which, as we said, can have negative implications eventually.
Under the circumstances, we are kept watching if and when Bulls would start losing control.
Last Friday’s sizable Bull candle once again confirmed the support taken at the month-long support area near the gap-up area of 12th July.
We may, however, watch if the strength sustains at higher levels, as Index once again moves closer to the upper Blue channel.
Previous highs near 28285 proved resistance twice before. Remember, last Tuesday, Index reacted from near the 28285 levels, or from levels close to “equality” with the “f” leg. We had calculated the g=f equality as 28268 (Nifty 8740), and Nifty reacted from 8728.
If we now project an “equality” with the last segment of rally from 4th Aug to 9th Aug (till last Tuesday), it would project an upside of 28360 (Nifty 8750). For the current segment of rally from Thursday to remain “smaller”, Index should not cross 28360 (Nifty 8750).
Read more at http://content.icicidirect.com/ULFiles/UploadFile_201681610579.asp
Index, however, shows each subsequent rallying segment getting “smaller”, and drops “bigger”, which, as we said, can have negative implications eventually.
Under the circumstances, we are kept watching if and when Bulls would start losing control.
Last Friday’s sizable Bull candle once again confirmed the support taken at the month-long support area near the gap-up area of 12th July.
We may, however, watch if the strength sustains at higher levels, as Index once again moves closer to the upper Blue channel.
Previous highs near 28285 proved resistance twice before. Remember, last Tuesday, Index reacted from near the 28285 levels, or from levels close to “equality” with the “f” leg. We had calculated the g=f equality as 28268 (Nifty 8740), and Nifty reacted from 8728.
If we now project an “equality” with the last segment of rally from 4th Aug to 9th Aug (till last Tuesday), it would project an upside of 28360 (Nifty 8750). For the current segment of rally from Thursday to remain “smaller”, Index should not cross 28360 (Nifty 8750).
Read more at http://content.icicidirect.com/ULFiles/UploadFile_201681610579.asp
Great Stuff thanks for sharing.
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