ruebennase

NIFTY50...2020-09-119....Time for a decision!

NSE:NIFTY   Nifty 50 Index
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Hello Traders,
NIFTY 5 gaped higher on Friday`s session and closed the day @ 11416.95 and the a/d-ratio was well above 3.
More to see is the structure on a daily timeframe which is a „three“, not an impulsive move. So two possibilities are yet to favor.
Either is a“three-down“ done @ 10800 area and a push to new highs is next and underway, or it is a series of „one`s and two`s“ on the board to watch!
A strong break off the upper boundary trend channel @~ 11500 area and a solid close above that line would indicate more buying intensity to come, Next target is at or around 11600 levels, with more bullish potential to come. A break of the high @ 11794 would indicate that a new impulse is underway.
On the bearish hand.
If there is a series of „ones and two`s“ underway the next significant move has to occur to the downside in the coming hours. Note the open gap`s left by trading at the latter week. Maybe the latter one could be an „exhausting-gap“ if it would be closed in the coming hours. This would be a first hint, that the upward push was done (as long as the high would be valid) and the first waves of decline have started.
RSI is diverging short term by making higher prices with lower reading for the indicator.
We will watch the short term structure closely and update the chart in the coming hours.
Have a great Sunday....
ruebennase

Feel free to aks anytime.
Trading this analysis is at your own risk!

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