NIFTY 50: Powerful uptrend, buy dips, buy breakouts

NSE:NIFTY   Index of the 50 listed India companies
The NIFTY             50 index has showed nothing but sheer uncorrelated strength this year. The trend remains strong, and the market has acknowledged the weekly uptrend mode support here.
If during the next 2 weeks, price doesn't drop further, we can long it safely. If we break above 8831.55 before that time runs out, bears will be in trouble too.

Keep an eye on the uptrend slope, indicated by the speed line under the current prices. This line has to hold if we see a retracement. You can use an ATR based stop loss to trade this trend. 3 times the 11 period ATR value is a good start. Right now, we can buy on a break above Friday's high and stop at Friday's low.
There's plenty of time to get further bullish confirmation, don't risk over 1% on any given trade.

Good luck,

Ivan Labrie.
Trade active: Closed up for the day, looks promising. Hold positions.
Comment: You can buy here against this level, risking a drop to 8467.
Comment: I included the signals outcome, these are the trades generated by RgMov:


Now, longs need a new daily high to enter again safely, and tighten stops to Oct. 13th's low.
Nice one mate!
+1 Reply
IvanLabrie PRO Alex.Singletary
Let's see how it evolves, this trend is really powerful.
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