In my earlier analysis I have said that we can go long above 9119 supply zone and price sustained above the zone and price is moving in the range since then.
Upper level was 9218 and lower being 9019, lets analyse how we can trade in such scenario.
As mentioned on the chart after making top of 9218 price made double bottom at 9019, top made before touching 9019 again was 9132. In today's trading price closed above 9132 hence we can expect price to touch 9218.
Once we witness followup up move in the price tomorrow or in near future, we will get conformation of up trend(trend is intact) as price will be above previous swing high. I am not suggesting any trade, I am sharing this view because such price action takes place after long time(when there is little history available at the left side of chart, we are in new price area) and if we continue to move up only, then structure or channel or Fibonacci like tools will come to our help. I personally like to use structure, traders can apply same logic on different time charts (For long or short) and protect their profits.
If price will fall in coming weeks then levels to trade will be the same as demand and supply zones mentioned in my previous posts.
I hope Traders checked the vertical lines marked on chart for time analysis, till now both time lines worked with +/- 1 days difference. Traders be alert if we make top around coming new moon and reverse from there, if we reverse form that point then it means a lot for ongoing up trend.
dhananjay.d.joshi
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@dhananjay.d.joshi, we have up move on time lines marked,check the dates of lines and mark them on daily chart if you want, traders please follow these lines which i mark on charts, be ready around those for trend reversals. Keep this as your guiding star. :)
JPALAN
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i m bullish too . i find some ppl bearish , but i believe markets will take off more here
dhananjay.d.joshi
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@JPALAN, i am not bullish not bearish, i am chartish :) , price is above swing top thats why expected price to go up further, but cant term my self bullish. Trend is my Friend.
JPALAN
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@dhananjay.d.joshi, nice but i dont like the fact that when markets display so much strength ; why do some ppl still talk bearish , since jan 17 markets have consumed any dip and only risen higher and standing strongly UP. ppl should appreciate the stong UPtrend shown by markets
dhananjay.d.joshi
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@JPALAN, its human nature to think , perceptions about the market will always be different. When market will fall by 400 points everyone says "i told you market will fall " question is how many among them traded ? Answer will be 1/100 . Another group will point out at valuations , 23+ PE is high, wait for correction, And buy . This is the reason i follow charts only. Charts know everything.